Lundin Mining 公布 2025 年三季度业绩并上调全年铜产量指引、下调成本指引

，/CNW/ -（TSX: LUN）（Nasdaq Stockholm: LUMI）Lundin Mining Corporation （“Lundin Mining”或“公司”）今日公布了其2025年第三季度财务业绩。除另有说明外，业绩以美国美元按100%权益基础列报。查看PDF

Jack Lundin，总裁兼首席执行官评论道：“我们很高兴报告 Lundin Mining 又一个稳健的季度，铜产量、收入、EBITDA 和收益均超过第一季度和第二季度的业绩。公司实现了超过 $1 billion 的收入，并交付了 $383 million 的调整后运营现金流。综合铜现金成本为 $1.61 /lb，是我们今年最低的季度成本。”

“我们正在更新全年指引，以反映强劲的运营表现，尤其是在Caserones。合并铜产量的中点提高11,500吨至328,000吨，新的区间为319,000至337,000吨。此外，Caserones和Chapada的业绩改善使我们的整体合并铜现金成本指引下调至$1.85至$2.00/磅的区间。

"我们现有矿山的近期增长计划以及大型Vicuña项目持续取得令人鼓舞的进展。我们非常高兴地欢迎Ron Hochstein出任Vicuña Corp.首席执行官，他加入了一支拥有卓越成功记录的资深团队。Vicuña团队正在推进多项并行研究，以支持分阶段开发计划，综合技术研究预计将于2026年第一季度完成。"

第三季度运营与财务亮点

持续的强劲运营表现推动了第三季度盈利，这得益于金价持续走高。全年合并铜产量指引上调至319,000至337,000吨铜，反映出Caserones阴极铜产量增强。资产负债表在此期间得到加强，公司预计将在整个第四季度继续偿还债务。2025年全年合并铜现金成本¹指引下调约$0.125/磅，至$1.85至$2.00/磅。

第三季度亮点：

铜产量：铜产量为87,353吨，综合铜现金成本为$1.61/磅。
其他产量：黄金37,763盎司，镍2,724吨。
收入：持续经营业务收入为 10.070 亿美元，已实现铜价¹为 4.61 美元/磅，已实现金价¹为 3,889 美元/盎司。
净收益与调整后收益¹：归属于公司股东的持续经营净收益为1.433亿美元（每股0.17美元），持续经营调整后收益为1.523亿美元（每股0.18美元）。
调整后EBITDA¹：持续经营业务产生4.897亿美元。
现金创造：持续经营业务提供的现金为2.703亿美元，来自经营活动的自由现金流¹为1.689亿美元。持续经营业务经调整的经营现金流¹为3.829亿美元。
净债务¹：截至9月30日，公司的净债务状况为1.079亿美元（不包括租赁负债）。
增长：公司正在继续推进其增长计划，作为其战略目标的一部分，即成为全球前十大铜生产商，并实现铜年产量超过50万吨、黄金年产量超过55万盎司：
- Candelaria 的地下承包商内包计划持续推进，首批承包商已入职，内包工作将持续到明年。
- Saúva 一期矿山计划开发取得进展，与主管部门就许可时间表的进一步讨论仍在继续，预计将于1月发布最新进展。
- Vicuña Corp.（“Vicuña”）宣布任命 Ron Hochstein 为 Vicuña 首席执行官。Hochstein 先生作为 Lundin Group 的一员已超过30年，担任过多种领导职务，并在创造股东价值方面建立了卓越的业绩记录。Vicuña 是 Lundin Mining 与必和必拓（BHP）各持股50%的合资安排，持有 Filo del Sol 和 Josemaria 的合并矿床（统称“Vicuña 项目”）。
- Vicuña 继续通过钻探、权衡研究、工程设计、成本估算和许可审批推进 Vicuña 项目，为2026年第一季度的综合技术研究做准备。
股东回报：已宣布每股 C$0.0275 的季度股息。本季度内，未根据 NCIB 购买任何普通股。2025 年迄今，Lundin Mining 已以约 $104.0 million 的成本收购了 12,629,000 股普通股。
展望：公司欣然将全年铜产量指引从303,000至330,000吨上调并收窄至319,000至337,000吨铜。公司进一步改善Caserones、Chapada和Eagle的现金成本指引，将公司全年合并现金成本指引下调至$1.85至$2.00/磅现金成本。由于Candelaria和Caserones的延期，年度资本支出指引正在下调。

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¹ 这些是非GAAP指标。请参阅公司截至2025年9月30日止三个月及九个月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。

财务业绩摘要

	截至 9月30日的三个月		截至 9月30日的九个月
（除另有注明外，均为持续经营业务，单位为百万美元；每股金额除外）	2025	2024	2025	2024
收入	1,007.0	873.1	2,908.1	2,563.7
毛利	347.7	266.2	927.9	692.2
归属于股东的净收益^a	143.3	84.0	407.4	206.5
净收益	184.6	110.7	525.5	313.0
调整后收益^a,b（全部业务）	152.3	72.5	398.4	239.7
调整后收益^a,b — 持续经营业务	152.3	57.2	344.4	196.9
调整后收益^a,b,c — 终止经营业务	—	15.3	54.0	42.8
调整后EBITDA^b（全部业务）	489.7	457.7	1,336.5	1,281.4
调整后EBITDA^b——持续经营业务	489.7	385.3	1,272.5	1,093.7
调整后EBITDA^b,c — 终止经营业务	—	72.4	64.0	187.8
基本每股收益（“EPS”）^a（全部业务）	0.19	0.13	0.60	0.31
摊薄每股收益^a（全部业务）	0.19	0.13	0.60	0.30
基本及摊薄每股收益^a — 持续经营业务	0.17	0.11	0.48	0.27
基本及摊薄每股收益^a,c— 终止经营业务	0.02	0.02	0.13	0.04
调整后每股收益^a,b（全部业务）	0.18	0.09	0.47	0.31
调整后每股收益^a,b — 持续经营业务	0.18	0.07	0.41	0.25
调整后每股收益^a,b,c — 终止经营业务	—	0.02	0.06	0.06
经营活动提供的现金（全部业务）	270.3	139.3	781.7	898.6
经营活动提供的现金——持续经营	270.3	81.4	707.2	753.6
经营活动提供的现金——终止经营^c	—	57.9	74.5	145.0
调整后经营现金流^b（全部业务）	382.9	305.2	1,054.9	988.7
调整后经营现金流^b——持续经营业务	382.9	243.0	997.1	828.2
经调整的经营现金流^b,c——已终止经营业务	—	62.2	57.8	160.5
调整后每股经营现金流^b（全部业务）	0.45	0.39	1.23	1.28
持续经营业务每股调整后经营现金流^b	0.45	0.31	1.17	1.07
调整后每股经营现金流^b,c — 终止经营业务	—	0.08	0.06	0.21
自由现金流^b（全部业务）	110.1	(61.7)	238.3	173.4
自由现金流^b——持续经营业务	110.1	(77.8)	221.9	148.2
自由现金流^b,c — 终止经营业务	—	16.1	16.4	25.2
经营活动产生的自由现金流^b（全部业务）	168.9	1.8	423.3	407.0
经营活动产生的自由现金流^b — 持续经营业务	168.9	(17.6)	401.5	373.6
经营活动产生的自由现金流^b,c——已终止经营业务	—	19.4	21.8	33.4
现金及现金等价物	290.3	295.5	290.3	295.5
扣除租赁负债后的净债务^b	(107.9)	(1,541.7)	(107.9)	(1,541.7)
净债务^b	(341.4)	(1,802.5)	(341.4)	(1,802.5)
^a 归属于Lundin Mining Corporation的股东。
^b 这些是非GAAP指标。请参阅公司在截至2025年9月30日止三个月及九个月的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截至2025年4月16日的财务业绩以及2025年9月30日对或有对价的重新估值。

季度财务业绩

公司持续经营业务收入为 10.070 亿美元（2024 年第三季度为 8.731 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3.477亿美元，较上年同期的2.662亿美元增加8150万美元。增加主要由于铜和金实现价格上升及加工费下降，部分被Candelaria销量下降和折旧费用增加所抵消。
持续经营业务净利润从上年同期的1.107亿美元增至1.846亿美元，主要原因是毛利增加，以及净债务减少使利息支出下降。
持续经营业务调整后收益为1.523亿美元，较上年同期的5720万美元有所增长，主要原因是毛利润增加。
与持续经营相关的经营活动提供的现金为2.703亿美元，较上年同期可比期间的8140万美元有所增加，主要原因是毛利提高以及营运资金占用减少。
持续经营业务的维持性资本支出² 为1.091亿美元，与上年同期的1.093亿美元基本持平。
扩张性资本支出³为5110万美元，与上年同期的4990万美元持平。
持续经营产生的自由现金流²为1.101亿美元，较上年同期的负自由现金流7780万美元有所增加，原因是与持续经营相关的经营活动提供的现金增加。
截至2025年11月5日，公司拥有现金约2.25亿美元，扣除租赁负债后的净债务约为1亿美元。

2025年第三季度运营表现

总产量

（内含金属）^a	2025				2024
（内含金属）^a	年初至今	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	244,200	87,353	80,073	76,774	336,875	94,094	91,772	71,614	79,395
黄金（盎司）^b	107,730	37,763	38,118	31,849	158,436	46,456	46,712	32,439	32,829
镍（吨）	7,733	2,724	2,713	2,296	7,486	1,617	893	1,721	3,255
钼（吨）^b	1,556	574	380	602	3,183	912	693	714	864

终止经营业务^C
铜（吨）	8,319	—	1,225	7,094	32,192	7,397	8,083	8,094	8,618
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 - 终止经营业务的结果截至2025年4月16日。

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² 这是一项补充性财务指标。请参阅公司在其截至2025年9月30日止三个月及九个月的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。

³ 这些是非GAAP指标。请参阅公司在截至2025年9月30日止三个月及九个月的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。

⁴ 这是一项非GAAP指标。请参阅公司在其截至2025年9月30日止三个月及九个月的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。

Candelaria（持股80%）： Candelaria按100%基准生产了37,129吨铜精矿含铜和19,899盎司黄金精矿含金。采矿集中在第11阶段，由于矿石给料较软、矿石粒度更细以及球磨机运行时间增加，选矿厂处理量强劲，生产继续受益。现金成本[4]为1.87美元/磅，受到品位下降和采矿成本上升的影响，但部分被副产品计价金属价格上涨以及处理和精炼费用降低所抵消。

Caserones（持股70%）： Caserones按100%权益基准生产了35,270吨铜和574吨钼。铜精矿产量受到第6阶段品位改善的积极影响，而阴极铜产量则受益于前期置于堆浸场的物料增加。现金成本为1.86美元/磅，受益于强劲的处理量、更高的品位、副产品抵扣增加、处理和精炼费用下降以及承包商费用减少。本季度收入受到一批原定于9月发运的铜精矿因天气相关问题推迟至10月的影响。该批约5,100吨所含可支付铜、价值约5,000万美元的货物将在第四季度确认为收入。

Chapada（100% 自有）：Chapada 生产了 12,600 吨铜和 17,864 盎司黄金（以精矿形式）。北露天矿和南露天矿的矿石继续被开采和加工，优先处理较高品位的矿石，与计划的开采顺序一致。产量还受益于强劲的处理量，为 2022 年第三季度以来最高。现金成本为 $0.50/磅，为 2020 年第四季度以来最低，受益于已实现黄金价格上涨带来的黄金副产品抵扣增加，以及处理量和品位的提高。

Eagle（100% 自有）： Eagle 生产了 2,724 吨镍和 2,354 吨铜。选矿厂处理量强劲对产量产生了积极影响，镍现金成本为 $2.11/磅。

展望 - 年度指引更新

产量指引更新

Lundin Mining 仍有望达到或超过其此前发布的所有金属的原始合并年度产量指引，该指引载于截至 2025年6月30日止三个月及六个月的 MD&A 中。

铜：全年产量指导范围上调至319,000至337,000吨，中值上升约11,500吨。
- Candelaria：收窄铜产量的下限和上限以及黄金产量的上限。预计产量将与前几个季度保持一致。
- Caserones：因阴极铜产量增加而上调铜指导。第三季度较高的铜原矿品位预计将延续至第四季度，支撑修订后的产量指导。
- Chapada：产量指导无变化。产量集中于2025年下半年。预计第四季度铜品位和回收率将与第三季度持平。
镍：指引下限上调，以反映与矿山计划相符的预期结果。第四季度品位和采矿率预计将保持稳定。

现金成本指引更新

由于销量和副产品抵扣高于预期，Caserones、Chapada 和 Eagle 的现金成本指导区间正在下调。全年合并铜现金成本指导区间正在下调至 $1.85 至 $2.00 /磅。

Candelaria：现金成本正趋向指引区间中值。由于销量和副产品抵扣高于预期，Caserones、Chapada和Eagle的现金成本指引区间正在下调。全年合并铜现金成本指引区间正在下调至每磅1.85至2.00美元。
Caserones：由于销量增加、劳动力成本下降以及副产品抵扣增加，现金成本指引正在下调。
Chapada：由于金价上涨，现金成本指引进一步下调。
Eagle：由于劳动力成本下降和副产品抵扣增加，现金成本指导值正在下降。

2025年产量与现金成本指引^a

			指引^a		修订后指引
	（所含金属）		产量	现金成本（美元/磅）^b	产量	现金成本（美元/磅）^b
	铜（吨）	Candelaria（100%）	140,000 – 150,000	1.80 – 2.00^c	143,000 – 149,000	1.80 – 2.00^c
		Caserones (100%)	115,000 – 125,000	2.40 – 2.60	127,000 – 133,000	2.15 – 2.25
		Chapada	40,000 – 45,000	1.10 – 1.30^d	40,000 – 45,000	0.90 – 1.00^d
		Eagle	8,000 – 10,000		9,000 – 10,000
		合计	303,000 – 330,000	1.95 – 2.15	319,000 – 337,000	1.85 – 2.00
	黄金（盎司）	Candelaria（100%）	78,000 – 88,000		78,000 – 84,000
		Chapada	57,000 – 62,000		57,000 – 62,000
		合计	135,000 – 150,000		135,000 – 146,000
	镍（吨）	Eagle	8,000 – 11,000	3.05 – 3.25	9,000 – 11,000	2.30 – 2.40
a. 公司截至2025年6月30日止三个月及六个月的管理层讨论与分析（“MD&A”）中概述的指引。 b. 2025年现金成本基于各项假设和估计，包括但不限于：产量、商品价格（铜：4.40美元/磅，金：3,500美元/盎司，钼：20.00美元/磅，银：40.00美元/盎司）、汇率（美元/智利比索：950，美元/巴西雷亚尔：5.50）及运营成本。现金成本为非GAAP指标——请参阅本新闻稿末尾的非GAAP指标调节部分。 c. Candelaria黄金和白银总产量的68%受一项流式协议约束。现金成本按收到约433美元/盎司黄金和4.32美元/盎司白银计算。 d. Chapada的现金成本按副产品基础计算，不包括其铜流式协议的影响。铜流式协议的影响反映在铜收入中，并将影响每磅实现价格。

2025年资本支出指引^b,c

年度资本支出指引从7.95亿美元下调至7.5亿美元，原因是Candelaria和Caserones项目延期。

	（百万美元）	指引^a	调整	调整后指引
	Candelaria（100% 基准）	205	—	205
	Caserones（100% 基准）	200	(20)	180
	Chapada	100	—	100
	Eagle	25	—	25
	其他	—	—	—
	维持性合计	530	(20)	510
	扩建项目 - Candelaria（100% 基准）	50	(25)	25
	扩建项目 - Vicuña合资安排（50%基准）	215	—	215
	资本支出总额	795	(45)	750
a. 公司截至2025年6月30日止三个月及六个月的管理层讨论与分析（“MD&A”）中概述的指引。 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——请参见本新闻稿末尾的非GAAP指标调节部分。 c. 资本支出基于各项假设和估计，包括但不限于外币汇率（美元/智利比索：950，美元/巴西雷亚尔：5.50）

2025年勘探投资指引

2025年勘探支出指导总额维持在4000万美元。

勘探

第三季度，勘探工作集中于所有运营矿山的矿内及近矿目标。四个运营矿区共完成钻探17,390米。

Candelaria

总钻探量：930 米。
重点区域：Candelaria Norte。
目标：继续评估北部区域的矿产潜力。

Caserones

总钻探量：5,152 米。
钻机部署：
- 1 台钻机在 Caserones 采坑，目标是深部高品位铜角砾岩。
- 3 台钻机在 Angelica，目标是氧化矿体下方的铜硫化物。

Chapada

总钻探进尺：3,847 米。
钻机部署：
- 1 台钻机在 Saúva 资源区，重点扩大高品位资源。
- 1 台钻机在 Saúva 以外测试浅部目标及其他近矿远景区。

Eagle

总钻探进尺：7,461 米。
目标：
- 在Boulderdash部署2台钻机，针对已知镍铜矿化侵入体的延伸部分。
- 在Roland Lake部署1台钻机，勘探新的矿化带。

Talon 协议更新

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

Vicuña

本季度，Vicuña 宣布任命 Ron Hochstein 为 Vicuña 首席执行官（CEO），自 2025年11月7日起生效。Hochstein 先生目前担任 Lundin Gold Inc. 的首席执行官兼董事，指导厄瓜多尔 Fruta del Norte 金矿的开发与成功运营。

2025年，支持与Josemaria和Filo del Sol矿床相关的多阶段开发概念的并行研究继续推进。综合技术报告的目标是在2026年初完成。

Josemaria环境影响评估（“EIA”）已通过圣胡安当局的审查，现场考察计划于2025年第四季度进行。北部进场道路的建设于本季度启动。

Filo del Sol 的钻探活动取得进展，本季度完成 14,587 米，使九台钻机年初至今的总进尺达到 48,992 米。

政府关系活动继续在国家和省级政府层面开展，包括就省级协议进行讨论。本季度，关于阿根廷基础法——大型投资激励制度（“RIGI”）的申请工作也取得了进展。RIGI申请文件预计将在未来几个月内提交。

社区投资项目于2025年启动，重点关注性别、青年培训和合作社发展。

公司本季度资本支出为$51.1 百万美元，与上年同期的$49.9 百万美元基本持平；年初至今资本支出为$126.0 百万美元，上年同期为$193.0 百万美元。本季度及年初至今期间均受到2025年1月15日Vicuña成立的影响。自该日起，公司的扩张性资本支出包含Vicuña资本支出的50%。

关于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.

Filo del Sol 硫化物矿床的初始矿产资源估算、Filo del Sol 氧化物矿床的更新矿产资源估算以及 Josemaria 矿床的更新矿产资源估算，共同凸显了 Vicuña 项目为世界上最大的铜、金和银资源之一。Vicuña 矿产资源的详细信息载于《Vicuña 技术报告》。

Filo del Sol 和 Josemaria 矿床拥有显著的高品位矿化，可为该项目提供最初几年的开采矿石。

Filo del Sol 在 0.75% 铜当量（"CuEq"）边界品位下的高品位核心区：6.06 亿吨（M&I）品位 1.14% CuEq[5]（0.74% Cu），所含金属为 450 万吨铜（品位 0.74%）、960 万盎司金（品位 0.49 克/吨）和 2.59 亿盎司银（品位 13.3 克/吨）。
以 0.60% CuEq 为边界品位的 Josemaria 近地表高品位核心区：1.96 亿吨（M&I）@ 0.73% CuEq[6]（0.50% Cu），所含金属为 97.8 万吨铜 @ 0.50%、240 万盎司金 @ 0.38 克/吨和 1100 万盎司银 @ 1.7 克/吨。

Filo del Sol 矿床地表还含有氧化铜矿化。

资本密集度较低的堆浸氧化矿资源上限为 434 Mt（探明及控制资源量），品位为铜 0.34%（150 万吨）、金 0.28 克/吨（390 万盎司）和银 2.5 克/吨（3500 万盎司）
以0.60% CuEq为边界品位的高品位氧化物为181 Mt（M&I），品位1.05% CuEq[7]（0.50% Cu），所含金属为911 kt铜（品位0.50%）、2.3 Moz金（品位0.39 g/t）和230 Moz银（品位39.6 g/t）。

扩建项目

公司拥有多个棕地扩建项目，预计将为其现有运营资产组合的中期增长作出贡献。这些机会合计可通过低资本强度增长项目增加30,000至40,000吨铜产量增长和60,000至70,000盎司的年黄金产量。

Candelaria 地下扩建项目

Candelaria 地下扩建项目预计将把地下处理能力从目前的每日 12,000 至 14,000 吨提升至约每日 22,000 吨，目标是使铜年产量增加约 14,000 吨铜。该机会包括将公司的地下采矿合同内部化，以及增加活跃采场的数量。作为 Candelaria 地下内部化进程的一部分，内部招聘已经开始，首批班组已完成入职，预计年底前将有更多班组实现内部化。预计到 2026 年中期，地下采矿承包商的内部化将完成。

同时，为支持环境影响评估（“2040 EIA”）下的矿山寿命延长，相关项目也在持续推进。

Caserones 阴极铜厂利用率

Caserones 阴极厂产能约为每年 35,000 吨阴极铜，目前该厂每年生产 20,000 至 25,000 吨阴极铜，这意味着存在通过提高阴极厂利用率来增加产量的机会。

年初至今，Caserones 阴极铜产量有所增加，阴极铜厂的利用率得到提升。过去 18 个月堆放在排土场的额外氧化矿物料以及改进的浸出实践，预计将带来更高的阴极铜产量。堆浸的湿法冶金浸出模型已更新，并将在未来的产量指引中予以体现。

___________________________

⁵ Filo del Sol 的 CuEq 假设铜、金和银的平均冶金回收率分别为 78%、62% 和 62%，金属价格分别为 4.43 美元/磅铜、2,185 美元/盎司金和 28.80 美元/盎司银。CuEq 公式为：CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t)。

⁶ Josemaria 高品位核心 CuEq 假设铜的冶金回收率为 84%、金为 67%、银为 63%，金属价格分别为铜 4.43 美元/磅、金 2,185 美元/盎司、银 28.80 美元/盎司。CuEq 公式为：CuEq= Cu% + (0.58 * Au g/t) + (0.007 * Ag g/t)。

⁷ Filo del Sol 氧化物 CuEq 假设铜、金和银的平均冶金回收率分别为 78%、62% 和 62%，金属价格为铜 4.43 美元/磅、金 2,185 美元/盎司、银 28.80 美元/盎司。CuEq 公式为：CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t)。

Chapada - Saúva 矿床

Saúva矿床距Chapada矿山约15公里，是一个近矿机会，有望每年新增约15,000至20,000吨铜产量和50,000至60,000盎司黄金产量。该项目将包括安装额外的磨矿产能，并使用来自Saúva的更高品位矿石，以抵消目前在Chapada开采的较低品位矿石。

为进一步明确该项目，许可和技术工作正在进行中，公司预计将于2026年1月就时间表和生产概况提供最新进展。

关于Lundin Mining

Lundin Mining 是一家多元化的加拿大基本金属矿业公司，其项目或运营重点位于阿根廷、巴西、智利和美利坚合众国，主要生产铜、黄金和镍。

本新闻稿中的信息须遵守 Lundin Mining 在《欧盟市场滥用条例》下的披露要求。该信息由下述联系人于温哥华时间2025年11月5日15:35代为提交发布。

技术信息

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

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

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

Reconciliation of Non-GAAP Measures

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

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

Three months ended September 30, 2025
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Eagle	Total - continuing operations¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	(Ni)	Total - continuing operations¹
Sales volumes (contained metal):
Tonnes	36,041	26,896	13,997	76,934	1,921
Pounds (000s)	79,457	59,295	30,858	169,610	4,235

Production costs	199.2	158.5	96.4	454.1	35.2	490.5
Less: Royalties and other	(4.5)	(8.6)	(6.1)	(19.2)	(3.5)	(23.8)
	194.7	149.9	90.3	434.9	31.7	466.7
Deduct: By-product credits²	(50.0)	(39.6)	(76.3)	(165.9)	(22.8)	(188.7)
Add: Treatment and refining	3.5	(0.3)	1.5	4.7	—	4.7
Cash cost	148.2	110.0	15.5	273.7	8.9	282.7
Cash cost per pound ($/lb)	1.87	1.86	0.50	1.61	2.11

Add: Sustaining capital	46.9	29.4	26.1		6.6
Royalties	3.9	8.3	4.6		3.6
Reclamation and other closure accretion and depreciation	1.9	(0.2)	1.7		1.1
Leases & other	2.1	15.1	1.0		0.8
All-in sustaining cost	203.0	162.6	48.9		21.0
AISC per pound ($/lb)	2.55	2.74	1.58		4.96
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 September 30, 2024
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Eagle	Total - continuing operations¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	(Ni)	Total - continuing operations¹
Sales volumes (contained metal):
Tonnes	45,430	22,044	12,380	79,854	393
Pounds (000s)	100,155	48,599	27,293	176,047	866

Production costs	189.1	169.4	84.5	443.0	12.5	455.8
Less: Royalties and other	(6.8)	(6.4)	(3.8)	(17.0)	(0.3)	(17.6)
	182.3	163.0	80.7	426.0	12.2	438.2
Deduct: By-product credits²	(46.2)	(26.0)	(49.8)	(122.0)	(6.0)	(128.0)
Add: Treatment and refining	18.9	7.0	6.4	32.3	—	32.3
Cash cost	155.0	144.0	37.3	336.3	6.3	342.5
Cash cost per pound ($/lb)	1.55	2.96	1.37	1.91	7.24

Add: Sustaining capital	60.1	22.9	20.5		7.9
Royalties	4.5	6.3	2.7		0.1
Reclamation and other closure accretion and depreciation	2.4	1.1	2.4		1.5
Leases & other	1.6	17.8	1.0		1.5
All-in sustaining cost	223.6	192.1	63.9		17.3
AISC per pound ($/lb)	2.23	3.95	2.34		20.02
¹ Includes immaterial amounts related to other segments.
² By-product credits are presented net of the associated treatment and refining charges.


Three months ended September 30, 2024
Discontinued operations				Neves-Corvo	Zinkgruvan	Total - discontinued operations
($ millions, unless otherwise noted)				(Cu)	(Zn)	Total - discontinued operations
Sales volumes (contained metal):
Tonnes				7,707	15,124
Pounds (000s)				16,991	33,342

Production costs				95.2	30.1	125.3
Less: Royalties and other				(1.6)	—	(1.6)
				93.6	30.1	123.7
Deduct: By-product credits¹				(64.5)	(29.2)	(93.7)
Add: Treatment and refining charges				7.2	4.3	11.5
Cash cost				36.3	5.2	41.5
Cash cost per pound ($/lb)				2.13	0.16

Add: Sustaining capital expenditure				26.3	15.5
Royalties				1.3	—
Reclamation and other closure accretion and depreciation				1.4	1.1
Leases and other				0.1	0.1
All-in sustaining cost				65.4	21.9
AISC per pound ($/lb)				3.84	0.66
¹ By-product credits are presented net of the associated treatment and refining charges.

Nine months ended September 30, 2025
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Eagle	Total - continuing operations¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	(Ni)	Total - continuing operations¹
Sales volumes (contained metal):
Tonnes	107,618	93,153	32,627	233,398	5,895
Pounds (000s)	237,257	205,367	71,930	514,554	12,996

Production costs	557.3	607.2	234.9	1,399.4	112.7	1,514.0
Less: Royalties and other	(9.5)	(32.0)	(17.4)	(58.9)	(12.7)	(73.4)
	547.8	575.2	217.5	1,340.5	100.0	1,440.6
Deduct: By-product credits²	(136.3)	(108.0)	(162.4)	(406.7)	(66.0)	(472.7)
Add: Treatment and refining	17.3	6.4	4.6	28.3	—	28.3
Cash cost	428.8	473.6	59.7	962.1	34.0	996.2
Cash cost per pound ($/lb)	1.81	2.31	0.83	1.87	2.62

Add: Sustaining capital	144.9	99.5	75.7		17.4
Royalties	11.4	26.7	10.2		9.9
Reclamation and other closure accretion and depreciation	6.0	2.4	5.1		3.4
Leases & other	5.2	49.7	3.1		2.6
All-in sustaining cost	596.3	651.9	153.8		67.3
AISC per pound ($/lb)	2.51	3.17	2.14		5.18
¹ Includes immaterial amounts related to other segments.
² By-product credits are presented net of the associated treatment and refining charges.

Nine months ended September 30, 2025
Discontinued operations¹				Neves-Corvo	Zinkgruvan	Total - discontinued operations
($ millions, unless otherwise noted)				(Cu)	(Zn)
Sales volumes (contained metal):
Tonnes				6,745	20,698
Pounds (000s)				14,870	45,631

Production costs				90.2	36.9	127.1
Less: Royalties and other				(1.3)	—	(1.3)
				88.9	36.9	125.8
Deduct: By-product credits²				(67.0)	(23.3)	(90.3)
Add: Treatment and refining				5.4	7.2	12.6
Cash cost				27.3	20.8	48.1
Cash cost per pound ($/lb)				1.84	0.46

Add: Sustaining capital				27.7	30.4
Royalties				1.2	—
Reclamation and other closure accretion and depreciation				0.7	0.3
Leases & other				0.9	—
All-in sustaining cost				57.8	51.5
AISC per pound ($/lb)				3.89	1.13
¹ Discontinued operations results are to April 16, 2025.
² By-product credits are presented net of the associated treatment and refining charges.

Nine months ended September 30, 2024
Continuing operations	Candelaria	Caserones	Chapada	Consolidated	Eagle	Total - continuing operations¹
($ millions, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Cu)	(Ni)	Total - continuing operations¹
Sales volumes (contained metal):
Tonnes	108,965	87,117	29,415	225,497	4,574
Pounds (000s)	240,226	192,060	64,849	497,135	10,084

Production costs	525.7	576.0	218.3	1,320.0	90.8	1,411.8
Less: Royalties and other	(13.8)	(24.5)	(10.2)	(48.5)	(7.2)	(56.7)
	511.9	551.5	208.1	1,271.5	83.6	1,355.1
Deduct: By-product credits²	(116.5)	(98.1)	(108.5)	(323.1)	(44.3)	(367.4)
Add: Treatment and refining	43.1	28.4	14.0	85.5	0.6	86.1
Cash cost	438.5	481.8	113.6	1,033.9	39.9	1,073.8
Cash cost per pound ($/lb)	1.83	2.51	1.75	2.08	3.96

Add: Sustaining capital	220.2	101.0	74.9		16.0
Royalties	11.0	24.4	5.9		6.7
Reclamation and other closure	6.4	3.2	7.8		5.0
Leases & other	7.7	51.8	2.5		4.3
All-in sustaining cost	683.8	662.3	204.7		71.9
AISC per pound ($/lb)	2.85	3.45	3.16		7.13
¹ Includes immaterial amounts related to other segments.
² By-product credits are presented net of the associated treatment and refining charges.


Nine months ended September 30, 2024
Discontinued operations				Neves-Corvo	Zinkgruvan	Total - discontinued operations
($ millions, unless otherwise noted)				(Cu)	(Zn)	Total - discontinued operations
Sales volumes (contained metal):
Tonnes				21,491	49,459
Pounds (000s)				47,379	109,038

Production costs				250.0	92.9	342.9
Less: Royalties and other				(4.8)	—	(4.8)
				245.2	92.9	338.1
Deduct: By-product credits¹				(156.6)	(73.2)	(229.8)
Add: Treatment and refining charges				19.2	24.1	43.3
Cash cost				107.8	43.8	151.6
Cash cost per pound ($/lb)				2.28	0.04

Add: Sustaining capital expenditure				76.6	43.2
Royalties				3.2	—
Reclamation and other closure accretion and depreciation				4.0	3.3
Leases and other				0.4	0.2
All-in sustaining cost				192.0	90.5
AISC per pound ($/lb)				4.06	0.83
¹ By-product credits are presented net of the associated treatment and refining charges.

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

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

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

	Three months ended September 30,		Nine months ended September 30,
($ millions, except share and per share amounts)	2025	2024	2025	2024
Net earnings attributable to Lundin Mining shareholders — continuing operations	143.3	84.0	407.4	206.5
Add back:
Total adjustments - EBITDA	20.7	(4.4)	(19.5)	22.6
Tax effect on adjustments	1.8	(8.1)	(2.7)	(1.9)
Deferred tax arising from foreign exchange translation	(11.3)	(12.4)	(46.1)	(32.4)
Deferred tax arising from partial disposal and contribution to Vicuña	—	—	9.0
Non-controlling interest on adjustments	(2.2)	(1.9)	(3.7)	2.2
Total adjustments	9.0	(26.8)	(63.0)	(9.5)
Adjusted earnings — continuing operations	152.3	57.2	344.4	196.9
Including discontinued operations:
Net earnings attributable to Lundin Mining shareholders - discontinued operations¹	19.6	17.2	108.3	30.1
Add back:
Total adjustments - EBITDA - discontinued operations	(19.6)	(1.9)	(54.4)	18.7
Tax effect on adjustments	—	—	0.1	(6.0)
Total adjustments	(19.6)	(1.9)	(54.3)	12.7
Adjusted earnings — discontinued operations	—	15.3	54.0	42.8
Adjusted earnings (all operations)	152.3	72.5	398.4	239.7

Basic weighted average number of shares outstanding	856,091,613	776,794,756	855,301,352	774,574,731

Net earnings attributable to Lundin Mining shareholders - continuing operations	0.17	0.11	0.48	0.27
Total adjustments	0.01	(0.03)	(0.07)	(0.01)
Adjusted EPS — continuing operations	0.18	0.07	0.41	0.25

Net earnings attributable to Lundin Mining shareholders - discontinued operations	0.02	0.02	0.13	0.04
Total adjustments	(0.02)	—	(0.06)	0.02
Adjusted EPS — discontinued operations	—	0.02	0.06	0.06

Net earnings attributable to Lundin Mining shareholders	0.19	0.13	0.60	0.31
Total adjustments	(0.01)	(0.04)	(0.14)	—
Adjusted EPS (all operations)	0.18	0.09	0.47	0.31
¹Represents Net earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining Corporation shareholders.

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

	Three months ended September 30,		Nine months ended September 30,
($ millions)	2025	2024	2025	2024
Cash provided by operating activities related to continuing operations	270.3	81.4	707.2	753.6
Sustaining capital expenditures	(109.1)	(109.3)	(337.6)	(412.4)
General exploration and business development	7.7	10.3	31.9	32.4
Free cash flow from operations — continuing operations	168.9	(17.6)	401.5	373.6
General exploration and business development	(7.7)	(10.3)	(31.9)	(32.4)
Expansionary capital expenditures	(51.1)	(49.9)	(147.7)	(193.0)
Free cash flow — continuing operations	110.1	(77.8)	221.9	148.2

Cash provided by operating activities from discontinued operations	—	57.9	74.5	145.0
Sustaining capital expenditures	—	(41.8)	(58.1)	(119.8)
General exploration and business development	—	3.3	5.4	8.2
Free cash flow from operations — discontinued operations	—	19.4	21.8	33.4
General exploration and business development	—	(3.3)	(5.4)	(8.2)
Free cash flow — discontinued operations	—	16.1	16.4	25.2

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

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

	Three months ended September 30,		Nine months ended September 30,
($ millions, except share and per share amounts)	2025	2024	2025	2024
Cash provided by operating activities from continuing operations	270.3	81.4	707.2	753.6
Changes in non-cash working capital items	112.6	161.6	289.9	74.6
Adjusted operating cash flow — continuing operations	382.9	243.0	997.1	828.2

Cash provided by operating activities related to discontinued operations	—	57.9	74.5	145.0
Changes in non-cash working capital items	—	4.3	(16.7)	15.5
Adjusted operating cash flow — discontinued operations	—	62.2	57.8	160.5

Adjusted operating cash flow (all operations)	382.9	305.2	1,054.9	988.7

Basic weighted average number of shares outstanding	856,091,613	776,794,756	855,301,352	774,574,731

Adjusted operating cash flow per share — continuing operations	$ 0.45	0.31	$ 1.17	1.07
Adjusted operating cash flow per share — discontinued operations	—	0.08	$ 0.06	0.21
Adjusted operating cash flow per share (all operations)	$ 0.45	0.39	$ 1.23	1.28

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

($ millions), continuing operations	September 30, 2025	December 31, 2024
Debt and lease liabilities	(378.6)	(1,610.9)
Current portion of debt and lease liabilities	(249.0)	(395.2)
Less deferred financing fees (netted in above)	(4.1)	(7.7)
Add debt and lease liabilities related to liabilities classified as held-for-sale	—	(16.3)
	(631.7)	(2,030.1)

Cash and cash equivalents	290.3	357.5
Add cash and cash equivalents related to assets classified as held-for-sale	—	74.8
Net debt	(341.4)	(1,597.8)

Lease liabilities	233.5	249.1
Lease liabilities related to liabilities classified as held-for-sale	—	16.3
Net debt excluding lease liabilities	(107.9)	(1,332.4)

Cautionary Statement on Forward-Looking Information

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

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; and such other assumptions as set out herein as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic, political, regulatory and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to geotechnical incidents; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects, including Filo del Sol and Josemaria; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to disputes, litigation and administrative proceedings (including tax disputes) which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the three and nine months ended September 30, 2025, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024, and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.

All of the forward-looking information in this document is qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

Lundin Mining 公布 2025 年三季度业绩并上调全年铜产量指引、下调成本指引

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