Lundin Mining公布2025年第四季度及全年业绩

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Lundin Mining公布2025年第四季度及全年业绩

，/CNW/ - （TSX: LUN）（Nasdaq Stockholm: LUMI）Lundin Mining Corporation （“Lundin Mining”或“公司”）今日公布了其2025年第四季度及全年财务业绩。除另有说明外，业绩以美国美元按100%口径列示。

Jack Lundin，总裁兼首席执行官评论道：“2025年，我们实现了公司历史上最佳业绩。全年持续经营业务收入创下41亿美元的纪录，其中第四季度收入为13亿美元，全年调整后EBITDA为19亿美元，第四季度为6.86亿美元。这些卓越的运营和财务成果使我们得以在年末以净现金状态收官，同时通过股票回购计划购买了超过1500万股股票。此外，我们在将循环信贷额度扩大至45亿美元方面取得了重大进展，为公司进入下一增长阶段增添了财务实力。”

“我们持续推进增长计划，包括在Filo del Sol矿床交付了过去30年来全球最大的绿地铜金白银初始资源量，为我们的矿产资源库存增加了大量这些金属。短期内，我们上调了未来两年的指引预测，主要得益于Caserones阴极铜产量的改善。最后，我们已取得良好进展，并继续推进Chapada运营区Sauva的开发计划，并将在年底前寻求批准该项目。”

“本周早些时候，我们公布了Vicuña项目综合技术报告的结果，重点介绍了一个能够年产超过50万吨铜、80万盎司黄金和2000万盎司白银的项目，这将使其跻身世界前五大铜、金、银矿山之列。2025年底，Vicuña根据RIGI计划在阿根廷提交了财政稳定性申请，以支持该项目的发展，使Lundin Mining具备长期价值创造的能力。Vicuña项目的最终投资决定目标是在2026年底之前作出。”¹

第四季度及全年运营与财务亮点

公司今年完成了三项重大交易，改善了资产组合和长期增长前景，同时取得了强劲的运营和财务业绩。公司超出了最初的铜产量指引，并在所有金属品种上达到了修订后的指引。创纪录的年度和季度收入使公司在年末实现了净现金状况。与此同时，公司继续推进其增长计划，Vicuña Corp. 于第四季度在阿根廷提交了财政稳定协议申请（“RIGI PEELP”），并于2026年2月16日公布了综合技术研究（初步经济评估“PEA”或“研究”）的结果。

第四季度亮点

铜产量²：合并铜产量为87,032吨，合并铜现金成本³为$1.88/磅。
其他产量²：本季度生产了34,129盎司黄金和2,174吨镍。
收入：13.537亿美元，其中第四季度持续经营业务收入为13.015亿美元，实现铜价³为5.89美元/磅，实现金价³为4,412美元/盎司，终止经营业务收入为5,220万美元⁴。
净收益与调整后收益³：归属于公司股东的净收益为7.672亿美元，其中持续经营净收益为6.599亿美元（每股0.77美元），终止经营净收益为1.073亿美元。调整后收益为3.704亿美元，其中持续经营业务为3.637亿美元（每股0.42美元），终止经营业务为670万美元。
调整后EBITDA³：本季度为7.006亿美元，其中持续经营业务产生6.864亿美元，已终止经营业务产生1420万美元。
现金创造：本季度经营活动提供的现金为5.609亿美元，其中持续经营业务提供5.330亿美元，终止经营业务提供2,790万美元。经营活动产生的自由现金流³为4.125亿美元，其中持续经营业务3.883亿美元，终止经营业务2,420万美元，其中包括持续经营业务1.321亿美元的营运资金增加。
净现金³：截至12月31日，公司的净现金头寸为7740万美元，其中包括来自终止经营的2200万美元现金。

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¹ 调整后EBITDA是一项非GAAP指标。请参阅公司在其截至2025年12月31日止年度的管理层讨论与分析（“MD&A”）中对非GAAP及其他业绩指标的讨论，以及本新闻稿末尾的非GAAP指标调节部分。

² 产量包括持续经营业务和 Eagle，以与 2025 年产量指引保持一致。

³ 这些是非GAAP指标。请参阅公司在其截至2025年12月31日止年度的管理层讨论与分析（“MD&A”）中关于非GAAP及其他业绩指标的讨论，以及本新闻稿末尾的非GAAP指标调节部分。

⁴ 截至2025年12月31日，Eagle报告分部已满足被归类为持有待售及终止经营的标准。终止经营的收益（亏损）包括Eagle、Neves-Corvo和Zinkgruvan报告分部的财务业绩。

2025年全年亮点

铜产量²：合并铜产量为331,232吨，合并现金成本为1.87美元/磅，其中包括来自Eagle的8,906吨，处于最新年度铜产量指引的上半区间，并超过了最初年度铜产量指引的上限。
其他产量²：年内生产了141,859盎司黄金和9,907吨镍。所有金属的产量均处于或高于全部指导范围。
创纪录营收：全年44.625亿美元，其中持续经营业务40.532亿美元，实现铜价³为4.91美元/磅、实现金价³为3,662美元/盎司，以及终止经营业务4.093亿美元。
调整后EBITDA³：全年为20.373亿美元，其中持续经营业务为19.171亿美元，终止经营业务为1.202亿美元。
净收益与调整后收益³：归属于公司股东的净收益为12.830亿美元，其中持续经营净收益为10.472亿美元（每股1.22美元），终止经营净收益为2.358亿美元。调整后收益为7.690亿美元，其中持续经营为6.879亿美元（每股0.80美元），终止经营为0.811亿美元。
现金创造：年内，经营活动提供的现金为13.426亿美元，其中12.079亿美元来自持续经营，1.347亿美元来自终止经营。经营活动产生的自由现金流³为8.358亿美元，其中7.736亿美元来自持续经营，6220万美元来自终止经营，其中包括持续经营带来的4.140亿美元非现金营运资金增加。
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.
股东回报：本季度已宣布每股派发季度股息C$0.0275。年内，公司支付的股息合计为每股C$0.1725。此外，公司在本季度根据其正常发行人收购计划，以平均股价C$26.08购入了2,029,380股普通股，总对价为$46.0 million。年内，Lundin Mining以$150.0 million的成本、按平均股价C$14.05收购了15,088,180股普通股。
展望：预计2026年铜产量将稳定在每年约310,000至335,000吨，与2025年产量持平。预计2026年综合现金成本在铜每磅1.90美元至2.10美元之间，与2025年指引一致。作为公司全部潜力计划的一部分，重点将继续放在降低成本与流程改进上。

财务业绩摘要

	Three months ended December 31,		Year ended December 31,
（除另有说明外，为持续经营业务，单位为百万美元，每股金额除外）	2025	2024	2025	2024
收入	1,301.5	833.3	4,053.2	3,270.1
毛利	496.8	254.4	1,398.0	935.8
应占净收益（亏损）^a	659.9	(95.5)	1,047.2	125.4
净收益（亏损）	912.3	(59.8)	1,417.7	267.6
调整后收益^a,b（全部业务）	370.4	119.3	769.0	359.0
调整后收益^a,b — 持续经营业务	363.7	102.9	687.9	294.9
调整后收益^a,b,c — 终止经营业务	6.7	16.4	81.1	64.1
调整后EBITDA^b（全部业务）	700.6	425.6	2,037.3	1,707.0
调整后EBITDA^b——持续经营	686.4	366.5	1,917.1	1,426.9
调整后EBITDA^b,c — 终止经营业务	14.2	59.1	120.2	280.1
基本每股收益（“EPS”）^a（全部业务）	0.90	(0.57)	1.50	(0.26)
摊薄每股收益^a（全部业务）	0.89	(0.57)	1.49	(0.26)
基本及摊薄每股收益^a——持续经营业务	0.77	(0.12)	1.22	0.16
基本每股收益^a,c — 终止经营业务	0.13	(0.44)	0.28	(0.42)
摊薄每股收益^a,c — 终止经营业务	0.12	(0.44)	0.27	(0.42)
调整后每股收益^a,b（全部业务）	0.43	0.15	0.90	0.46
调整后每股收益^a,b — 持续经营业务	0.42	0.13	0.80	0.38
调整后每股收益^a,b,c — 终止经营业务	0.01	0.02	0.09	0.08
经营活动提供的现金（全部业务）	560.9	620.3	1,342.6	1,518.9
经营活动提供的现金——持续经营	533.0	567.9	1,207.9	1,311.4
经营活动提供的现金——终止经营^c	27.9	52.4	134.7	207.5
调整后经营现金流^b（全部业务）	677.6	313.9	1,732.5	1,302.6
调整后经营现金流^b——持续经营	665.1	263.5	1,621.9	1,089.9
调整后经营现金流^b,c — 终止经营业务	12.5	50.4	110.6	212.7
调整后每股经营现金流^b（全部业务）	0.79	0.40	2.02	1.68
调整后每股经营现金流^b——持续经营	0.78	0.34	1.90	1.41
调整后每股经营现金流^b,c — 终止经营业务	0.01	0.06	0.12	0.27
自由现金流^b（全部业务）	355.9	398.0	594.2	571.2
自由现金流^b——持续经营业务	331.9	386.0	538.9	539.9
自由现金流^b,c — 终止经营业务	24.0	12.0	55.3	31.3
经营活动产生的自由现金流^b（全部业务）	412.5	466.0	835.8	872.9
经营活动产生的自由现金流^b — 持续经营业务	388.3	447.4	773.6	825.6
经营活动产生的自由现金流^b,c——已终止经营业务	24.2	18.6	62.2	47.3
现金及现金等价物	296.2	357.5	296.2	357.5
净现金（债务）^b	77.4	(1,332.4)	77.4	(1,332.4)

^a 归属于 Lundin Mining Corporation 股东。
^b 这些是非GAAP指标。请参阅公司在截至2025年12月31日止年度的MD&A中对非GAAP及其他业绩指标的讨论，以及本新闻稿末尾的“非GAAP指标调节”部分。
^c终止经营业务业绩包括 Eagle 的年度财务业绩、Neves-Corvo 和 Zinkgruvan 截至 2025 年 4 月 16 日的财务业绩，以及截至 2025 年 12 月 31 日的或有对价重估。

季度财务业绩

公司持续经营业务收入为13.015亿美元（2024年第四季度为8.333亿美元），受益于铜和黄金实现价格上涨。
持续经营业务毛利为4.968亿美元，较上年同期的2.544亿美元增加2.424亿美元。增加主要由于铜和金实现价格上升、加工费下降以及Caserones销量增加，部分被Chapada长期矿石堆场存货非现金减记9990万美元（税后净额6590万美元）所抵消。
持续经营净收益从上年同期的净亏损$59.8 million增至$912.3 million，主要原因是毛利增加以及Caserones的递延所得税回收$517.0 million。上年Suruca和Alcaparrosa的减值进一步推动了这一增长。
持续经营业务调整后收益²为3.637亿美元，较上年同期1.029亿美元有所增长，主要原因是毛利增加。
与持续经营相关的经营活动提供的现金为5.33亿美元，较上年同期可比期间的5.679亿美元有所下降，主要原因是本季度营运资金增加1.321亿美元，而上年同期可比期间营运资金释放3.054亿美元。
持续经营业务的维持性资本支出⁵为1.576亿美元，较上年同期可比期间的1.314亿美元有所增加。
扩张性资本支出⁶为4350万美元，与上年同期的5050万美元基本持平。
持续经营业务产生的自由现金流²为3.319亿美元，较上年同期的3.86亿美元有所下降，原因是营运资金增加以及与持续经营业务相关的维持性资本支出增加。
截至2026年2月19日，公司拥有现金超过5亿美元，净现金超过2亿美元。
在2025年12月31日，Eagle报告分部符合被归类为持有待售和终止经营的标准。因此，与Eagle相关的所有资产和负债已在2025年12月31日归类为持有待售。终止经营的收益（亏损）包括Eagle、Neves-Corvo和Zinkgruvan报告分部的财务业绩。

运营表现

总产量

（所含金属）^a	2025					2024
（所含金属）^a	年初至今	第四季度	第三季度	第二季度	第一季度	合计	第四季度	第三季度	第二季度	第一季度

持续经营业务
铜（吨）^b	322,326	85,075	84,999	77,563	74,689	330,509	92,832	90,745	70,051	76,881
黄金（盎司）^b	141,859	34,129	37,763	38,118	31,849	158,436	46,456	46,712	32,439	32,829
钼（吨）^b	2,082	526	574	380	602	3,183	912	693	714	864

终止经营业务^C
铜（吨）	17,225	1,957	2,354	3,735	9,179	38,558	8,659	9,110	9,657	11,132
镍（吨）	9,907	2,174	2,724	2,713	2,296	7,486	1,617	893	1,721	3,255
锌（吨）	58,233	—	—	9,285	48,948	191,704	51,946	46,610	47,460	45,688

a - 吨（t）和盎司（oz）。
b - Candelaria 和 Caserones 的产量按 100% 权益基础计算。
c - 已终止经营业务的业绩包括 Eagle 的全年产量，以及 Neves-Corvo 和 Zinkgruvan 截至 2025 年 4 月 16 日的产量。

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⁵ 这是一项补充性财务指标。请参阅公司在其截至2025年12月31日止年度的管理层讨论与分析（MD&A）中对非GAAP及其他业绩指标的讨论，以及本新闻稿末尾的“非GAAP指标调节”部分。

⁶ 这些是非GAAP指标。请参阅公司截至2025年12月31日止年度的MD&A中关于非GAAP及其他业绩指标的讨论，以及本新闻稿末尾的非GAAP指标调节部分。

Candelaria（持股80%）： Candelaria按100%权益基准计算，全年生产铜145,471吨、黄金80,528盎司、白银180万盎司。2025年铜和黄金年产量均处于最新指引区间内。年内，露天矿开采集中于第11阶段，第12阶段的高品位区域也有部分贡献。由于矿石给料较软、矿石粒度较细，选矿厂处理量提高，产量继续受益。与矿山计划一致，年内实际品位低于上年，导致产量下降。铜现金成本⁷为$1.92/磅，处于最新现金成本指引区间内，受益于副产品抵扣的金属价格上升，同时受到年内平均品位下降的影响。第四季度，Candelaria与五家工会完成了劳工协议的提前续签。各协议期限均为三年，于2029年到期，取代原定于2026年到期的协议。这些协议的主动提前续签将有助于Candelaria中期内的劳工稳定和运营效率。

Caserones （持股70%）： 按100%权益计算，Caserones生产了132,881吨铜和2,082吨钼。铜的年度产量处于最新产量指引区间的高端，第四季度铜产量为自公司于2023年中期收购该矿以来的最高水平。年内采矿集中于第6阶段，铜产量受益于更高的处理量和回收率。年内阴极铜产量受益于此前期间堆浸场投放物料的增加。铜现金成本为2.17美元/磅，处于最新产量指引区间的低端，并受益于因处理量和回收率提高而带来的强劲产量、加工费下降以及人工费用减少。

Chapada（100% 自有）： Chapada 全年生产铜 43,974 吨、黄金约 61,331 盎司。两种金属的产量均处于最近一期产量指引区间内。全年采矿主要集中于南坑和北坑的矿石，符合计划的矿山开采顺序。全年铜产量受益于处理量提高。全年黄金产量因品位和回收率较 2024 年下降而受到负面影响。铜现金成本为 $0.75/磅，低于最近一期指引区间的下限，并受益于已实现金价上涨带来的副产品抵扣增加。

Eagle（100%自有）： Eagle全年生产镍9,907吨、铜8,906吨。Eagle East的坡道修复于当年第一季度完成，使采矿和加工活动恢复正常水平。2025年全年镍产量处于最新产量指引区间内，而全年铜产量略低于最新指引区间下限，但处于原指引区间内。镍现金成本⁷为$2.55/磅，受益于处理量提高和回收率改善。全年每磅现金成本⁷超过了最新产量指引区间上限。Eagle的业绩在公司合并财务报表及MD&A中作为终止经营业务列报。截至2025年12月31日，Eagle矿的资产和负债作为持有待售列报。

2026年展望

On January 21, 2026, the Company announced its production, cash cost, capital expenditures and exploration investment guidance for 2026.

2026年产量与现金成本指引^a

		指引
（所含金属）		产量	现金成本（美元/磅）^b
铜（吨）	Candelaria（100%）	135,000 – 145,000	2.05 – 2.25^c
	Caserones (100%)	130,000 – 140,000	2.05 – 2.25
	Chapada	45,000 – 50,000	1.00 – 1.20^d
	合计	310,000 – 335,000	1.90 – 2.10
黄金（盎司）	Candelaria（100%）	77,000 – 87,000
	Chapada	57,000 – 62,000
	总计	134,000 – 149,000

a. 依据2026年1月21日新闻稿《Lundin Mining Announces 2025 Production Results and 2026 Guidance》公布的指引。

b. 2026年现金成本基于多项假设和估计，包括但不限于：产量、商品价格（2026年——钼：20.00美元/磅，金：4,000美元/盎司；银：80.00美元/盎司）、外币汇率（2025年——智利比索/美元：900，美元/巴西雷亚尔：5.50）以及运营成本。

c. Candelaria 黄金和白银总产量的 68% 受流式销售协议约束，因此现金成本按当年黄金和白银销售分别收到 437 美元/盎司和 4.36 美元/盎司计算。

d. Chapada 的现金成本按副产品基础计算，不包含其铜流协议的影响。铜流协议的影响反映在铜收入中，并将影响每磅实现价格。

__________________________________________________

⁷ 这些是非GAAP指标。请参阅公司在其截至2025年12月31日止年度的MD&A中关于非GAAP及其他业绩指标的讨论，以及本新闻稿末尾的非GAAP指标调节部分。

2026年资本支出指引^a,b,c

	（百万美元）	指引
	Candelaria（100% 基准）	215
	Caserones（100%基准）	235
	Chapada	100
	维持性合计	550
	扩张性资本	50
	Vicuña（按50%权益计）	395
	资本支出总额	995

a. 依据2026年1月21日新闻稿《Lundin Mining Announces 2025 Production Results and 2026 Guidance》公布的指引。

b. 维持性资本支出为补充性财务指标，扩张性资本支出为非GAAP指标——请参见公司截至2025年12月31日止年度的MD&A中“非GAAP及其他业绩指标”一节以及本新闻稿末尾的非GAAP指标调节表部分。

c. 资本支出基于各种假设和估计，包括但不限于外汇汇率（美元/智利比索：900，美元/巴西雷亚尔：5.50）。

2026年勘探投资指引

2026年勘探支出指导总额为5300万美元。

勘探

2025年，勘探活动集中于公司各运营矿山的矿内及近矿靶区。

在Caserones，本季度有七台钻机钻进了10,329米，目标是Caserones采坑内的高品位铜角砾岩和Angelica的铜硫化物。Centauro靶区的勘探钻探也已启动。全年在Caserones共钻进18,908米。

本季度未在Candelaria开展勘探钻探。全年在Candelaria共钻探7,642米，重点针对Candelaria Norte、Candelaria South（Mariana）和La Portuguesa。

Chapada 的年度钻探计划在本季度完成，全年共钻探 12,507 米，主要集中在 Saúva 资源区。

Vicuña

综合技术研究结果
综合技术研究的结果已于2026年2月16日公布，并突出表明Vicuña项目是一个开发项目，有潜力跻身全球前五大铜、金、银矿山之列。PEA的要点概述如下，更多信息载于2026年2月16日的新闻稿。

Vicuña 矿区的开发设想采用分阶段方式。第 1 阶段包括一座硫化物选矿厂和 Josemaria 矿床，建立初始露天矿和选矿厂，并设计为未来扩建，以加快首次生产并尽早产生现金流。第 2 阶段在此基础上开发 Filo del Sol 可浸出氧化物及相应的 SX/EW 工厂，用于回收铜、金和银。第 3 阶段代表该矿区的长期成熟，通过扩建选矿厂和开发 Filo del Sol 硫化物矿床，实现峰值、持续生产，使 Vicuña 项目成为长寿命、具有全球重要意义的铜运营项目。第 3 阶段还整合关键矿区基础设施，包括一座海水淡化厂及相关管道，以及返回精矿浆管道，以支持矿区扩建。

有望成为前五大铜、金、银矿山：在最初25个完整运营年度内，年均产量为40万吨铜、70万盎司黄金和2200万盎司（“Moz”）白银。
峰值产量超过50万吨/年铜：十年期间平均产量超过50万吨铜、80万盎司黄金和2000万盎司白银，或80万吨铜当量（"CuEq"）⁸。
多代资产：初始矿山寿命（“LOM”）超过70年，产出约2230万吨（“Mt”）铜、3720万盎司黄金和7.63亿盎司白银。
可观的自由现金流：前25年，年均自由现金流为22亿美元（扣除扩张性资本支出后）。
受益于铜和金：矿山寿命期收入贡献为铜60%、金32%、银8%。
资本强度低于$30,000/吨铜当量：第一阶段资本为$7.1 billion，税后投资回收期为8.4⁹年，税后内部收益率（“IRR”）为14.8%。
资源量增长：Vicuña 项目更新后的矿产资源量估算（“更新后的 Vicuña 矿产资源量”）较此前估算大幅增长¹⁰。
- 铜金属量¹¹为探明及控制（“M&I”）资源量 14 Mt、推断资源量 32 Mt。探明及控制铜金属量增长 12%，推断铜金属量增长 28%。
- 金金属量¹¹为探明及控制资源量 36 Moz、推断资源量 61 Moz。探明及控制金金属量增长 12%，推断金金属量增长 26%。
- 银金属量¹¹为探明及控制资源量 729 Moz、推断资源量 1,051 Moz。探明及控制银金属量增长 11%，推断银金属量增长 30%。
Base-case scenario: Net present value ("NPV_8%") 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.
按铜、金、银现货价格计算（铜 6.00 美元/磅、金 5,000 美元/盎司、银 80 美元/盎司），NPV_8% 增至 288 亿美元，IRR 升至 25.5%，投资回收期为 5.4 年。

__________________________________________________

⁸ 铜当量（CuEq）基于回收后的产量以及铜价 4.60 美元/磅、金价 3,300 美元/盎司和银价 40 美元/盎司计算。

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申请
本季度，Vicuña就阿根廷大型投资激励制度（RIGI）提交申请，请求将Vicuña项目纳入长期战略出口项目（PEELP）类别。阿根廷的RIGI制度旨在通过长期财政稳定和透明的监管条件吸引并加速大规模投资。

RIGI 提供监管稳定性，包括较低的企业税和股息预提税税率、取消出口关税、增值税抵扣以及收入汇回。Vicuña 项目是首个申请 RIGI PEELP 的矿业项目，该机制旨在支持对阿根廷的大规模长期投资，与常规 RIGI 制度相比，提供更长的优惠期（40 年对 30 年）以及更快的收入汇回和出口关税豁免时间表。

项目开发
2025年，与Josemaria和Filo del Sol矿床相关的多阶段开发概念的平行研究得到推进，形成了一项综合技术研究，其结果已于2026年2月16日公布。这些结果，包括更新的Vicuña矿产资源量估算，将在更新后的技术报告中详细说明，该报告将在SEDAR+上公司简介下提交，网址为www.sedarplus.ca。

Josemaria环境影响评估在圣胡安当局的审查中取得进展，本季度内进行了现场考察。

Filo del Sol 的钻探活动取得进展，本季度完成 16,619 米，使年初至今的总进尺达到 65,611 米。

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 Projects

The 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, 2025
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Total - continuing operations¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total - continuing operations¹
Sales volumes (contained metal):
Tonnes	32,882	45,134	9,413	87,429
Pounds (000s)	72,492	99,503	20,752	192,747

Production costs	226.6	247.3	71.9	545.8	546.8
Less: Royalties and other	(9.1)	(20.4)	(4.9)	(34.4)	(35.5)
	217.5	226.9	67.0	511.4	511.4
Deduct: By-product credits²	(56.8)	(41.8)	(58.0)	(156.6)	(156.6)
Add: Treatment and refining charges	5.6	1.9	0.4	7.9	7.9
Cash cost	166.3	187.0	9.4	362.7	362.7
Cash cost per pound ($/lb)	2.29	1.88	0.45	1.88

Add: Sustaining capital expenditure	79.5	56.8	21.1
Royalties	4.3	15.2	4.3
Reclamation and other closure accretion and depreciation	1.9	0.3	1.7
Leases and other	2.3	13.8	1.0
All-in sustaining cost	254.3	273.1	37.5
AISC per pound ($/lb)	3.51	2.74	1.81

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, 2025
Discontinued Operations	Eagle	Total - discontinued operations
($ millions, unless otherwise noted)	(Ni)	Total - discontinued operations
Sales volumes (Contained metal):
Tonnes	1,756
Pounds (000s)	3,872

Production costs	38.0	38.0
Less: Royalties and other	(2.8)	(2.8)
	35.2	35.2
Deduct: By-product credits¹	(26.3)	(26.3)
Add: Treatment and refining charges	—	—
Cash cost	8.9	8.9
Cash 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, 2024
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Total - continuing operations¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total - continuing operations¹
Sales volumes (contained metal):
Tonnes	49,052	26,750	10,200	86,002
Pounds (000s)	108,141	58,973	22,487	189,601

Production costs	201.0	200.2	64.4	465.7	465.9
Less: Royalties and other	(7.8)	(14.2)	(4.8)	(26.8)	(27.0)
	193.2	186.0	59.6	438.9	438.9
Deduct: By-product credits²	(43.3)	(46.6)	(39.4)	(129.3)	(129.3)
Add: Treatment and refining charges	15.1	8.4	3.9	27.4	27.4
Cash cost	165.0	147.8	24.1	337.0	337.0
Cash cost per pound ($/lb)	1.53	2.51	1.07	1.78

Add: Sustaining capital expenditure	55.5	43.0	32.9
Royalties	4.7	7.7	2.7
Reclamation and other closure accretion and depreciation	2.1	(4.5)	2.4
Leases and other	1.4	17.2	1.1
All-in sustaining cost	228.7	211.3	63.2
AISC per pound ($/lb)	2.12	3.58	2.81

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, 2024
Discontinued operations	Eagle	Neves-Corvo	Zinkgruvan	Total - discontinued operations
($ millions, unless otherwise noted)	(Ni)	(Cu)	(Zn)	Total - discontinued operations
Sales volumes (contained metal):
Tonnes	1,088	5,230	18,627
Pounds (000s)	2,399	11,531	41,066

Production costs	21.1	73.2	29.1	123.4
Less: Royalties and other	(0.8)	—	—	(0.8)
	20.3	73.2	29.1	122.6
Deduct: By-product credits¹	(7.8)	(56.6)	(19.1)	(83.5)
Add: Treatment and refining charges	—	4.7	7.4	12.1
Cash cost	12.5	21.2	17.5	51.2
Cash cost per pound ($/lb)	5.22	1.84	0.43

Add: Sustaining capital expenditure	5.2	12.7	22.5
Royalties	0.7	0.8	—
Reclamation and other closure accretion and depreciation	1.7	1.2	0.7
Leases and other	2.7	2.9	0.1
All-in sustaining cost	22.8	38.9	40.7
AISC per pound ($/lb)	9.53	3.37	0.99

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

Year ended December 31, 2025
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Total - continuing operations¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total - continuing operations¹
Sales volumes (contained metal):
Tonnes	140,500	138,287	42,040	320,827
Pounds (000s)	309,749	304,870	92,682	707,301

Production costs	783.9	854.5	306.8	1,945.2	1,948.1
Less: Royalties and other	(18.6)	(52.4)	(22.3)	(93.3)	(96.2)
	765.3	802.1	284.5	1,851.9	1,851.9
Deduct: By-product credits²	(193.1)	(149.8)	(220.4)	(563.3)	(563.3)
Add: Treatment and refining charges	22.9	8.3	5.0	36.2	36.2
Cash cost	595.1	660.6	69.1	1,324.8	1,324.9
Cash cost per pound ($/lb)	1.92	2.17	0.75	1.87

Add: Sustaining capital expenditure	224.4	156.3	96.8
Royalties	15.7	41.9	14.5
Reclamation and other closure accretion and depreciation	7.9	2.7	6.8
Leases and other	7.5	63.5	4.1
All-in sustaining cost	850.6	925.0	191.3
AISC per pound ($/lb)	2.75	3.03	2.06

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, 2025
Discontinued Operations	Eagle	Neves-Corvo¹	Zinkgruvan¹	Total - discontinued operations
($ millions, unless otherwise noted)	(Ni)	(Cu)	(Zn)	Total - discontinued operations
Sales volumes (Contained metal):
Tonnes	7,651	6,745	20,698
Pounds (000s)	16,868	14,870	45,631

Production costs	150.7	90.2	36.9	277.8
Less: Royalties and other	(15.5)	(1.3)	—	(16.8)
	135.2	88.9	36.9	261.0
Deduct: By-product credits²	(92.2)	(67.0)	(23.3)	(182.5)
Add: Treatment and refining charges	—	5.4	7.2	12.6
Cash cost	43.0	27.3	20.8	91.1
Cash cost per pound ($/lb)	2.55	1.84	0.46

Add: Sustaining capital expenditure	21.3	27.7	30.4
Royalties	12.6	1.2	—
Reclamation and other closure accretion and depreciation	4.3	0.7	0.3
Leases and other	6.2	0.9	—
All-in sustaining cost	87.4	57.8	51.5
AISC per pound ($/lb)	5.18	3.89	1.13

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, 2024
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Total - continuing operations¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	Total - continuing operations¹
Sales volumes (contained metal):
Tonnes	158,017	113,867	39,615	311,499
Pounds (000s)	348,367	251,033	87,336	686,736

Production costs	726.6	776.2	282.7	1,785.5	1,786.7
Less: Royalties and other	(21.6)	(38.7)	(15.0)	(75.3)	(76.5)
	705.0	737.5	267.7	1,710.2	1,710.2
Deduct: By-product credits²	(159.8)	(144.7)	(147.8)	(452.3)	(452.3)
Add: Treatment and refining charges	58.2	36.8	17.9	112.9	112.9
Cash cost	603.5	629.6	137.7	1,370.8	1,370.8
Cash cost per pound ($/lb)	1.73	2.51	1.58	2.00

Add: Sustaining capital expenditure	275.7	144.0	107.8
Royalties	15.7	32.1	8.6
Reclamation and other closure	8.6	(1.3)	10.2
Leases and other	9.1	69.0	3.6
All-in sustaining cost	912.6	873.4	267.9
AISC per pound ($/lb)	2.62	3.48	3.07

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	Eagle	Neves-Corvo	Zinkgruvan	Total - discontinued operations
($ millions, unless otherwise noted)	(Ni)	(Cu)	(Zn)	Total - discontinued operations
Sales volumes (contained metal):
Tonnes	5,662	26,721	68,086
Pounds (000s)	12,483	58,910	150,104

Production costs	111.9	323.2	122.1	557.2
Less: Royalties and other	(8.0)	(4.8)	—	(12.8)
	103.9	318.4	122.1	544.4
Deduct: By-product credits¹	(52.1)	(213.2)	(92.3)	(357.6)
Add: Treatment and refining charges	0.6	23.9	31.5	56.0
Cash cost	52.4	129.1	61.2	242.7
Cash cost per pound ($/lb)	4.20	2.19	0.41

Add: Sustaining capital expenditure	21.2	89.3	65.7
Royalties	7.4	4.0	—
Reclamation and other closure accretion and depreciation	6.8	5.2	4.0
Leases and other	6.9	3.3	0.3
All-in sustaining cost	94.7	230.9	131.2
AISC per pound ($/lb)	7.60	3.92	0.87

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 ended December 31,		Year ended December 31,
($ millions)	2025	2024	2025	2024	2023
Net earnings (loss) from continuing operations	912.3	(59.8)	1,417.7	267.6	183.0
Add back:
Depreciation, depletion and amortization	169.7	139.8	618.9	574.2	445.8
Finance costs, net	13.0	37.2	90.5	137.7	87.1
Income taxes expense (recovery)	(488.2)	58.7	(270.0)	258.8	211.5
EBITDA - continuing operations	606.8	175.9	1,857.1	1,238.3	927.4
Unrealized foreign exchange (gain) loss	5.8	(10.8)	5.2	(10.9)	1.8
Unrealized losses (gains) on derivative contracts	(7.8)	86.0	(29.0)	85.2	8.5
Revaluation 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)	16.9
Gain 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)	2.6
Caserones inventory fair value adjustment	—	—	—	—	39.9
Gain on disposal of subsidiary	—	—	—	—	(5.7)
Other	0.3	(0.7)	2.6	(2.0)	3.0
Total adjustments - EBITDA	79.6	190.6	60.0	188.6	65.2
Adjusted EBITDA - continuing operations	686.4	366.5	1,917.1	1,426.9	992.6
Including discontinued operations:
Net earnings from discontinued operations	107.3	(344.6)	235.8	(328.9)	132.0
Add back:
Depreciation, depletion and amortization	5.3	41.1	22.3	188.9	207.8
Finance costs, net	0.8	2.9	9.0	13.4	15.6
Income taxes expense	20.1	(46.1)	26.6	(42.5)	5.1
EBITDA - discontinued operations	133.5	(346.7)	293.7	(169.1)	360.5
Asset 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)	18.6	13.5
Other	(0.3)	(0.2)	1.1	(1.4)	(2.6)
Total adjustments - EBITDA discontinued operations	(119.3)	405.8	(173.5)	449.2	10.3
Adjusted EBITDA - discontinued operations	14.2	59.1	120.2	280.1	370.8
Adjusted EBITDA (all operations)	700.6	425.6	2,037.3	1,707.0	1,363.4

Adjusted 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 ended December 31,		Year ended December 31,
($ millions, except share and per share amounts)	2025	2024	2025	2024	2023
Net earnings (loss) attributable to Lundin Mining shareholders - continuing operations	659.9	(95.5)	1,047.2	125.4	109.30
Add back:
Total adjustments - EBITDA	79.6	190.6	60.0	188.6	65.20
Tax 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 translation	12.0	45.1	(34.1)	12.7	28.80
Inventory write-down (reversal), included in depreciation	11.7	—	11.7	—	—
Deferred tax arising from partial disposal and contribution to Vicuña	—	—	9.0	—	—
Deferred tax expense due to change in tax rate	—	—	—	—	40.20
Non-controlling interest on adjustments	153.8	(4.1)	150.1	(1.9)	(22.90)
Total adjustments	(296.2)	198.4	(359.3)	169.5	84.40
Adjusted earnings - continuing operations	363.7	102.9	687.9	294.9	193.70
Including discontinued operations:
Net earnings (loss) attributable to Lundin Mining shareholders - discontinued operations¹	107.3	(344.6)	235.8	(328.9)	132.00
Add back:
Total adjustments - EBITDA - discontinued operations	(119.3)	405.8	(173.5)	449.2	10.30
Tax effect on adjustments	18.7	(44.9)	18.8	(56.1)	—
Total adjustments	(100.6)	360.9	(154.7)	393.1	10.30
Adjusted earnings - discontinued operations	6.7	16.3	81.1	64.1	142.30
Adjusted earnings (all operations)	370.4	119.2	769.0	359.0	336.00

Basic weighted average number of shares outstanding	855,891,254	776,720,828	855,632,088	774,825,230	772,532,260

Basic EPS from continuing operations attributable to shareholders	0.77	(0.12)	1.22	0.16	0.14
Total adjustments per share	(0.35)	0.26	(0.42)	0.22	0.11
Adjusted EPS - continuing operations	0.42	0.13	0.80	0.38	0.25

Basic EPS from discontinued operations attributable to shareholders	0.13	(0.44)	0.28	(0.42)	0.17
Total adjustments per share	(0.12)	0.46	(0.18)	0.51	0.02
Adjusted EPS - discontinued operations	0.01	0.02	0.09	0.08	0.19

Basic EPS attributable to shareholders	0.90	(0.57)	1.50	(0.26)	0.31
Total adjustments per share	(0.46)	0.72	(0.60)	0.73	0.13
Adjusted EPS (all operations)	0.43	0.15	0.90	0.46	0.44

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

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

	Three months ended December 31,		Year ended December 31,
($ millions)	2025	2024	2025	2024	2023
Cash provided by operating activities related to continuing operations	533.0	567.9	1,207.9	1,311.4	644.2
Sustaining capital expenditures	(157.6)	(131.4)	(477.8)	(527.9)	(549.1)
General exploration and business development	12.9	10.9	43.5	42.1	38.3
Free cash flow from operations - continuing operations	388.3	447.4	773.6	825.6	133.4
General 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 operations	331.9	386.0	538.9	539.9	(180.8)

Cash provided by operating activities from discontinued operations	27.9	52.4	134.7	207.5	372.4
Sustaining capital expenditures	(3.9)	(40.4)	(79.4)	(176.2)	(178.2)
General exploration and business development	0.2	6.6	6.9	16.0	17.4
Free cash flow from operations - discontinued operations	24.2	18.6	62.2	47.3	211.6
General exploration and business development	(0.2)	(6.6)	(6.9)	(16.0)	(17.4)
Expansionary capital expenditures	—	—	—	—	—
Free cash flow - discontinued operations	24.0	12.0	55.3	31.3	194.2

Free cash flow from operations (all operations)	412.5	466.0	835.8	872.9	345.0
Free cash flow (all operations)	355.9	398.0	594.2	571.2	13.4

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash provided by operating activities on the Company's Consolidated Statements of Cash Flows as follows:

	Three months ended December 31,		Year ended December 31,
($ millions, except share and per share amounts)	2025	2024	2025	2024	2023
Cash provided by operating activities from continuing operations	533.0	567.9	1,207.9	1,311.4	644.2
Changes in non-cash working capital items	132.1	(304.4)	414.0	(221.5)	65.9
Adjusted operating cash flow - continuing operations	665.1	263.5	1,621.9	1,089.9	710.1

Cash provided by operating activities related to discontinued operations	27.9	52.4	134.7	207.5	372.4
Changes in non-cash working capital items	(15.4)	(2.0)	(24.1)	5.2	(58.3)
Adjusted operating cash flow - discontinued operations	12.5	50.4	110.6	212.7	314.1

Adjusted operating cash flow (all operations)	677.6	313.9	1,732.5	1,302.6	1,024.2

Basic weighted average number of shares outstanding	855,891,254	776,720,828	855,632,088	774,825,230	772,532,260

Adjusted operating cash flow per share - continuing operations	$ 0.78	0.34	$ 1.90	1.41	0.92
Adjusted operating cash flow per share - discontinued operations	0.01	0.06	$ 0.12	0.27	0.41
Adjusted operating cash flow per share (all operations)	$ 0.79	0.40	$ 2.02	1.68	1.33

Net 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, 2025	December 31, 2024	December 31, 2023
Debt	(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 equivalents	296.2	357.5	268.8
Add cash and cash equivalents related to assets classified as held for sale	22.0	74.8	—
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.

SOURCE Lundin Mining Corporation