Lundin Mining公布Vicuña项目综合技术研究结果，PEA显示分三阶段开发

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Lundin Mining公布Vicuña综合技术研究结果，凸显世界级矿区

，/CNW/ -（TSX: LUN）（Nasdaq Stockholm: LUMI）Lundin Mining Corporation（“Lundin Mining”或“公司”）欣然宣布Vicuña项目（“Vicuña项目”或“项目”）的综合技术研究（初步经济评估“PEA”或“研究”）结果。Vicuña项目由Filo del Sol矿床和Josemaria矿床组成，由Vicuña Corp.（“Vicuña”）持有，为Lundin Mining与BHP之间50/50的合资安排。除非另有说明，所有美元金额均以美元（“$”）列示，并按100%基准呈报。

Jack Lundin，Lundin Mining 总裁兼首席执行官评论道，“这些令人瞩目的成果的发布标志着一个重要的里程碑，也是推动 Vicuña 项目迈向批准决策的重大一步。自 Vicuña Corp. 成立以来取得的进展非同寻常，本研究为推进该项目奠定了坚实基础，同时继续完善后续阶段，并推动成本、进度和产量方面的进一步改善。

“该研究概述了一个将跻身全球前五大铜、金、银矿之列的项目。分阶段开发方式提供了一条严谨的路径，以释放该矿区的全部价值，实现有序的资本投入、有效的风险管理和持续优化，同时在数十年内带来可观且长寿命的铜产量增长。” Lundin Mining总裁兼首席执行官Jack Lundin评论道：“这些令人瞩目的成果的发布标志着一个重要的里程碑，也是推动Vicuña项目迈向批准决策的重大一步。自Vicuña Corp.成立以来取得的进展非同寻常，本研究为推进项目奠定了坚实基础，同时继续完善后期阶段，并推动成本、进度和产量方面的进一步改善。”

“随着周四宣布承诺将我们的信贷额度扩大至45亿美元，Lundin Mining 已为初始建设阶段获得充足资金，我们仍有望实现成为全球前十大铜生产商的目标——一旦 Vicuña 全面投产，年产量将超过50万吨铜和55万盎司黄金。”

研究要点

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，以加快首次生产和早期现金流。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矿运营。第 3 阶段还整合关键矿区基础设施，包括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。

• 有望成为铜、金、银产量前五的矿山：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（“oz”）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¹（“CuEq”）。
• 跨代资产：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。
• 第一四分位成本曲线：在运营的前25个完整年度内，每磅铜的平均现金成本²（扣除副产品收益后）为负值（$0.20/磅），每磅铜的全维持成本²（“AISC”）为$0.47/磅（扣除副产品收益后）。
• 分期开发：使Vicuña能够为项目后期阶段纳入持续优化，管理开发风险，并通过运营现金流为未来发展提供资金。
• 可观的自由现金流：在运营的前25个完整年度内，平均每年自由现金流²为22亿美元（扣除扩张性资本后）。
• 受益于铜和金：矿山寿命期（LOM）收入贡献约为60%铜、32%金和8%银。
• 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 8.4 年³，税后内部收益率（“IRR”）为 14.8%，其中包含所有阶段。
• 资源量增长：与先前估算相比，更新后的矿产资源量显著增长⁴
  • 铜含量：探明及控制（“M&I”）资源量1400万吨，推断资源量3200万吨。探明及控制铜含量增长12%，推断铜含量增长28%。
  • 金含量：探明及控制资源量3600万盎司，推断资源量6100万盎司。探明及控制金含量增长12%，推断金含量增长26%。
  • 银含量：探明及控制资源量7.29亿盎司，推断资源量10.51亿盎司。探明及控制银含量增长11%，推断银含量增长30%。
• Base-case scenario that establishes a world-class project: 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/磅、金 $5,000/盎司、银 $80/盎司），NPV_8% 增至 $28.8 billion，IRR 升至 25.5%，投资回收期为 5.4 年。

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1} 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。产量的回收率详见下文，仅供参考。

该研究标志着公司及我们的合作伙伴 BHP的一个重要里程碑，使我们能够最早在年底前作出潜在的批准决定。后续步骤包括第一阶段详细设计与工程、加快项目准备活动以及升级进场道路，这些都将推动该项目迈向长寿命、高质量的铜生产，同时释放整个更广泛矿区的价值。

Vicuña 综合技术研究的详情将在 2026年2月17日（星期二） 太平洋时间上午7:00 | 美国东部时间上午10:00 的网络直播电话会议上介绍。网络直播和电话会议的详情如下。

网络直播 / 电话会议详情：
日期：2026年2月17日，星期二
时间：太平洋时间上午7:00 | 东部时间上午10:00
仅收听网络直播：网络直播链接
投资者与分析师问答拨入： 拨入链接

初步经济评估依据 National Instrument 43-101（“NI 43-101”）标准、按 100% 权益基础编制。基准情形按铜价 $4.60/磅、金价 $3,300/盎司和银价 $40/盎司完成。

该PEA属于初步性质，其中包含推断矿产资源，这些资源在地质上被认为推测性过强，无法对其适用使其能够被归类为矿产储量的经济考量，并且不能确定该初步经济评估将会实现。不属于矿产储量的矿产资源不具有已证实的经济可行性。

Vicuña 研究详情

Vicuña 聘请了一个独立顾问联合体，由全球领先的工程、采购和施工管理（EPCM）公司 Fluor Corporation 牵头。Fluor 为能源、化工、采矿、基础设施和政府等领域提供专业和技术解决方案。该研究还得到了其他在多个领域具备专长的领先顾问的支持，包括 Ausenco Pty Ltd、Inti Mining Smart Solutions.、Knight Piesold Ltd. 和 SLR Consulting（加拿大）有限公司。

该研究设想采用常规露天开采和选矿作业，初始名义铭牌处理能力为每日175,000吨（“tpd”）（约每年64.0百万吨“Mtpa”），预计将扩建至293,000 tpd（约107.0 Mtpa）。该研究评估了通过常规选矿厂回收铜、金和银的可行性，该选矿厂包括破碎、磨矿和浮选以生产铜精矿。在最初几年，选矿厂将处理来自Josemaria矿床的矿化物料，随后过渡到处理来自Filo del Sol矿床的更高品位矿化物料。覆盖在Filo del Sol矿床上的氧化物物料通过两阶段堆浸工艺单独处理，该工艺旨在回收富铜、铜金和富金矿物。堆浸回路将生产高纯度阴极铜和金锭产品。

表1. Vicuña研究的经济指标摘要

*商业生产的前25年，从第一个完整运营年度开始计算。10年平均值中的峰值产量包括第16至第25年。每磅铜的现金成本、每吨磨矿的运营成本、自由现金流、扩张性资本以及每磅铜的AISC均为非GAAP财务指标，维持性资本为补充性财务指标。请参见“关于非GAAP指标的警示性说明”。

表2. 经济敏感性，NPV8%（十亿美元）——对铜价和金价的杠杆效应⁵

表3. 经济敏感性，IRR（%）——对铜价和金价的杠杆效应⁴

矿床地质与矿产资源

安第斯山脉中部的Vicuña项目区涵盖智利-阿根廷边境沿线的山脊顶部，以及向东延伸至阿根廷境内的区域，北起Maricunga带，南至El Indio带。该地区的区域成矿作用通常与安第斯弧发育晚渐新世至中新世挤压阶段形成的斑岩和浅成低温热液系统有关。迄今为止在Vicuña项目上发现的两个主要矿床是Filo del Sol和Josemaria的斑岩-浅成低温热液系统。

Filo del Sol 矿化带是一条走向北至东北、长约8公里（“km”）的中新世斑岩铜金及相关浅成低温热液矿化系列远景区。Filo del Sol 矿床沿该矿化带分布，构成一个长约5.4公里的狭长连续矿化域，横跨三个区带：  Tamberías 地区一个较老、剥蚀较深的斑岩铜–金矿化域；中部 Aurora 区带中稍年轻、部分隐伏于地表的斑岩铜–金矿化侵入体；以及北部 Bonita 地区沿东北向延伸的更深部矿化。这些矿化域共同代表了以一个大型热液角砾岩中心为核心、由斑岩侵入体贯穿的矿化作用。

Josemaria 矿床区域以晚渐新世斑岩铜金系统为特征，该系统沿一条南北向构造走廊侵位，位于 Filo del Sol 以东。该系统包括浸染状斑岩型矿化，该斑岩域还经历了极端套叠以及被高级泥化蚀变和相关高硫化矿化叠加。在这些套叠域中，重新富集的铜矿化得到品位提升，随后当该系统的高品位部分在现代暴露于地表时，又通过表生过程进一步富集。 

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⁵ 经济敏感性分析采用每盎司40美元的白银价格。

Vicuña 矿产资源亮点

• 全球最大的铜、金、银资源之一⁶
  • 铜含量：实测及指示资源量1400万吨，推断资源量3200万吨。
  • 金含量：实测及指示资源量3600万盎司，推断资源量6100万盎司。
  • 银含量：实测及指示资源量7.29亿盎司，推断资源量10.51亿盎司。
• 与先前的矿产资源估算（见2025年5月4日的新闻稿）相比，Vicuña的所含金属量中，铜增加约23%，金增加20%，银增加21%，反映出探明、控制及推断资源类别的全面增长。

下表按 100% 权益基准汇总了截至 2025 年 10 月 31 日 的 Filo del Sol 和 Josemaria 矿床矿产资源量估算。更多重要信息见本新闻稿后的注释。由于四舍五入，表格合计可能无法正确相加。

表4. Vicuña矿产资源量估算

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6} 基于标普全球（S&P Global）的排名，包括Filo del Sol和Josemaria矿床。

https://mma.prnewswire.com/media/2904528/Lundin_Mining_Corporation_Lundin_Mining_Announces_Vicu_a_Integra.html 查看配图：Figure 1. Longitudinal section through Filo del Sol Mineral Resource block model. Filo del Sol Mineral Resource has been defined over a total area of 10 square km, with an approximate surface area of 6.5 km by 1.5 km. (CNW Group/Lundin Mining Corporation)

https://mma.prnewswire.com/media/2904527/Lundin_Mining_Corporation_Lundin_Mining_Announces_Vicu_a_Integra.html 查看配图：Figure 2. Cross section of the Filo del Sol deposit. Highlighting the high-grade core and the increase in Mineral Resource. (CNW Group/Lundin Mining Corporation)

矿产资源扩建

Vicuña 项目更新后的矿产资源量估算（生效日期为 2025年10月31日）反映出资源基础实现了显著增长，主要来自 Filo del Sol 矿床。与上一次估算相比，变化主要由 Filo del Sol 的新钻探所驱动，这些钻探既支持了资源扩展，也支持了向更高置信度类别的转换，同时还结合了 PEA 中采用的更新金属价格假设和边界品位标准。

Josemaría 未纳入新的钻探数据。Josemaría 矿产资源量的变化归因于金属价格和边界品位的更新假设。

Filo del Sol 正在进行的钻探计划侧重于持续的资源转换、关键矿区建设用地的报废钻探，以及收集岩土工程和地质冶金数据，以支持正在进行的技术研究。

矿业

采矿将采用常规露天开采技术。两个矿床（Filo del Sol 和 Josemaria）将共用一支由 360 吨自卸卡车、电动绳铲、液压铲和大型装载机组成的车队。两个采场的矿山设计均基于 15 m 台阶（通常为双台阶），边坡角范围为 33 至 45 度。采矿计划在两个矿床内分多个阶段进行。在概念性矿山计划中，Josemaria 在前 6 年开采，目标是在早期向选矿厂供应较高品位矿石，和/或将废石剥离推迟到后期。前 6 年（Josemaria 矿床）的选矿给矿品位平均为 0.40% 铜、0.31 克/吨金和 1.41 克/吨银。

初始矿山寿命为70年，并具有通过区域勘探以及在矿坑走向方向及矿坑东西边缘识别矿化来提升的潜力。公司认为还有进一步通过勘探延长矿山寿命的额外机会。

矿山规划与排产的设计目标是每年向选矿厂供应最多 64.0 Mt 的 Josemaria 矿化物料。在 Filo del Sol 矿区浸出设施投产之后，Filo del Sol 将开始采矿，使项目每年的总采剥物料量增加至 300 Mt。一旦 Filo del Sol 硫化物矿化物的品位高于 Josemaria，Josemaria 矿化物料将推迟至矿山寿命末期处理。 

该研究概述了在25年期间平均年产40万吨铜、70万盎司黄金和2200万盎司白银的生产概况，年峰值产量估计为每年58万吨铜、每年110万盎司黄金和每年5600万盎司白银。

https://mma.prnewswire.com/media/2904526/Lundin_Mining_Corporation_Lundin_Mining_Announces_Vicu_a_Integra.html 查看配图：Figure 3. Production profile by mineralization type (CNW Group/Lundin Mining Corporation)

表5. 产量概况

Tonnages are rounded to the nearest 1,000 tonnes, metal grades are rounded to two decimal places. Tonnage and grade measurements are in metric units; contained gold and silver are reported as thousands of troy ounces.

Processing

Sulphide Mineralization

The process plant design is developed on conventional industry standard unit operations. Run-of-mine mineralization will be processed through crushing and grinding, followed by three stage flotation to produce a gold-rich copper concentrate. Initial installed capacity is anticipated to be 175,000 tonnes per day, the processing plant is expected to be expanded to 293,000 tonnes per day with the development of the Filo del Sol deposit. At this time Josemaria mineralization will be largely deferred to the end of the mine life and the concentrator will be fed primarily from the Filo del Sol deposit.

Run-of-mine material will be delivered from the open pit to two gyratory crushers with crushed material transported via conveyor to a covered coarse stockpile. Material will be reclaimed from the coarse stockpile and conveyed to three parallel SAG mill/Ball mill circuits. Ball mill cyclone overflow feed will feed the copper flotation process which will have a target P80 of approximately 130 µm. Conventional copper rougher flotation, followed by concentrate re-grinding and copper cleaner flotation, will result in the production of a copper concentrate with a copper grade of approximately 27%. The final concentrate will be thickened and filtered, ready for shipment by truck to a port in Chile.

Extensive metallurgical testing of mineralization at Josemaria has been conducted with prior studies. Testwork focused on the initial five years of mineralization to be processed. The program focused on metallurgical recovery, crushing, grinding, flotation, and liquid-solid separation and included testing of five lithological composites, variability samples and four annual composites. Furthermore, a large sample representing mineralization from the oxide to fresh boundary, indicative of the early years of mining, was tested in a pilot plant to improve confidence and confirm bench scale assumptions.

At Filo del Sol, additional metallurgical testing programs were carried out as part of the Study to support the development of the flowsheet. The additional testing primarily focused on the different lithologies and composite samples at Filo del Sol to test variability and characterization of mineralization zones, grind size and leach extraction. Based on recent and historical metallurgical test work, recovery equations were generated and applied at the block level. These equations estimated overall average recoveries in the prospective LOM as 83.4% for copper, 59.5% for gold and 55.8% for silver.

Oxide Mineralization

Filo del Sol is a high-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry copper-gold system. Overlapping mineralizing events combined with weathering effects, including supergene enrichment, have created several different styles of mineralization, including copper-gold oxide (CuAuOx), copper oxide (CuOx) and gold oxide (AuOx). These three main domains are based primarily on mineralogy and have different metallurgical characteristics.

Stage 2 introduces leaching facilities at the Filo del Sol site, targeting a heap leaching capacity of up to 90,000 tpd (all mineralization types). Facilities are designed for two main mineralization types (blended material and gold rich material), with distinct processing streams.

A target of 60,000 tpd of blended mineralization will undergo crushing and scrubbing to remove sulfate minerals prior to copper oxide recovery by leaching on an on/off heap leach pad. Primary crushed material will be transported via a series of surface conveyors and mobile stacking equipment to the various leach pads. Following copper extraction, the processed material will be reclaimed and transferred to the permanent gold heap leach pad for subsequent gold and silver recovery. 

In parallel, 30,000 tpd of run-of-mine AuOx mineralization will be transported directly to the gold dump leach pad, where conventional gold leaching will facilitate gold and silver extraction. 

The Study contemplates conventional open pit mining methods. The oxide material will have a mine life of 35 years with a maximum mining rate of 72 Mt per year. A total of approximately 658 Mt of leach material is expected to be processed over the life of the mine

The pregnant leach solution (PLS) derived from the on/off pad, together with effluent from the acid-washing circuit, will be pumped to the Solvent Extraction and Electrowinning (SX/EW) plant for the production of high-purity copper cathodes. Leach solutions from the gold heap leach and dump leach pads will be directed to the Merrill-Crowe plant, where gold and silver will be recovered via cementation on zinc dust before proceeding to retorting and smelting, resulting in doré production. 

Filo del Sol Sulphide Mineralization

Stage 3 involves the processing of Filo del Sol sulphide mineralization through an upgrade and expansion to the concentrator. Filo del Sol sulphide mineralization is mined, crushed, and transported via a 12 km overland conveyor system, which includes two tunnels measuring 3.8 km and 2.5 km, before arriving at the concentrator for processing.

In Stage 3, the existing three-line concentrator configuration is adapted and expanded to five lines to accommodate Filo del Sol sulphide mineralization, significantly increasing capacity for coarse material stockpiling, grinding, flotation, regrinding, concentrate thickening, and tailings management. This expansion targets a combined throughput of 293,000 tonnes per day, facilitating the integrated processing of both Josemaria and Filo del Sol materials throughout the life-of-mine plan.

The enhanced facility offers greater operational flexibility by enabling simultaneous, yet independent, processing of Josemaria and Filo del Sol mineralization streams through parallel workflows. To address the unique properties of each resource, additional process equipment has been incorporated, including pebble crushers and extended regrind capabilities.

Tailings Management

Sulphide tailings generated at the process plant will be segregated into rougher and cleaner tailings streams and discharged via pipelines to a tailings storage facility (TSF) for permanent storage. Thickened slurry tailings will be managed at four main TSFs and progressively developed throughout the mine operating life.

All TSF dams are designed as zoned earthfill/rockfill embankments and will be raised using the downstream construction method. Runoff will be managed within each TSF and reclaimed to the process plant throughout the mine life.

Capital & Operating Costs

For Stage 1, the Study contemplates a 40-month capital development and construction timeline that includes a 6-month commissioning period. Total initial capital cost for Stage 1 is estimated at $7.1 billion and $18.1 billion for stages 1-3. LOM sustaining capital is estimated at $30.3 billion over 70 years for all stages, including closure costs.

The Study outlines a comprehensive development plan for Stage 1, encompassing construction of the concentrator and development of the Josemaria mine. The capital estimates and operating cost estimates are established from first principles.

For Stage 1 estimates were completed to a class 3, contingency has been applied to the estimate on an area and discipline basis, variances ranged from -15% to +20% depending on the area and level of quotation. The Stages 2 and 3 estimate are completed to a class 5 and variances range from -35% to +50%.

Table 6. Vicuña Capital Cost Estimate

Table 7. Vicuña Cash Cost and AISC

Cash cost per pound sold, operating costs per tonne processed, and AISC per pound sold are non-GAAP financial measures, and sustaining capital expenditure is a supplementary financial measure. Please see "Cautionary Note Regarding Non-GAAP Measures".

Infrastructure

On-site infrastructure includes a road network, processing plant, mine support facilities, power and water supply and distribution, camp facilities and water and sewage treatment facilities. The site infrastructure layout has been designed to provide a relatively direct flow of material from mine to tailings storage. The plant facilities were arranged to minimize civil earthwork and locate major equipment in areas with favourable geotechnical characteristics while maximizing gravity-assisted material flow where possible.

Permanent site access will be provided via an upgraded 220 km access road (Northern Access Road) from the town of Angualasto (San Juan Province), located approximately 206 km northwest of San Juan City on Ruta Nacional 150.  The current access route from San Juan, via the town of Guandacol in the La Rioja Province, will be maintained for construction traffic until the Northern Access Road is complete. 

Water Supply and Distribution

Groundwater sources will be developed to provide fresh water supply to the plant site and ancillary facilities during Stage 1 and Stage 2. Three groundwater well field locations have been identified for the supply of fresh water. 

Water from the well fields will be pumped to a freshwater pond adjacent to the plant site. The freshwater will be distributed throughout the site from storage tanks, which will maintain dedicated firewater reserves for the fire protection system.

The long-term water supply is expected to be augmented by a desalinated seawater system from Chile (see below).

Power

During Stage 1, electrical power for the Vicuña Project will be supplied from the Argentine national grid via an interconnection point located near the town of Rodeo. A new 500 kV transmission line will extend 167 km north to the newly established Chaparro Substation, where the transmission voltage will transition from 500 kV (single-circuit) to 220 kV (double-circuit). A 220 kV double-circuit transmission line will then continue from Chaparro to the main Josemaria Substation. This infrastructure is designed to support the load requirements for both Stage 1 and Stage 2 (a combined total of 380 MW).

To meet the ultimate power demand for all phases (approximately 738 MW), the Project will require expansion of the Chaparro Substation, installation of a second transformer bank, additional reactive-power compensation at Chaparro, a new 220 kV Chaparro–Josemaria transmission line, and construction of a new 500 kV Chaparro–La Rioja Sur transmission line, accompanied by the requisite upgrades at the La Rioja Sur Substation. This expansion scope is anticipated to be constructed to support the Stage 3 Filo del Sol sulphides and mill expansion.

Concentrate Treatment

The copper concentrate recovered from the Filo del Sol pit is anticipated to have elevated arsenic content, necessitating its removal to enhance suitability for smelter processing. Accordingly, a copper concentrate roasting plant is proposed to support the Stage 3 Filo del Sol sulphides and mill expansion. The plant will be designed to process 1.3 Mt of concentrate annually, utilizing two independent lines to meet production requirements. The roasting operation is projected to produce a marketable calcine.

Concentrate Transportation

The concentrate transportation system will initially involve the trucking of concentrate using rotainers under a logistics contract from the Stage 1 Josemaria mine site to a Chilean port. This route will utilize the Northern Access Road and subsequently public highways across both Argentina and Chile. Upon arrival, the concentrate will be stored and then loaded onto ocean-going vessels for export to global smelting facilities.

To accommodate the increased throughput associated with the Stage 3 Filo del Sol sulphides and mill expansion, a new concentrate pipeline and the associated pumping system will be installed to link the concentrator with the designated roaster.

Desalination Plant & Pipeline

Water supply for Stage 1 is expected to be sourced from the wellfields previously described. To accommodate the Stage 3 Filo del Sol mine expansion and mill expansion, a desalinated seawater system has been proposed along the Chilean coast, engineered to deliver 2,000 L/s to the Vicuña Project. This initiative includes the development of a dedicated seawater intake, a desalination facility, and a pipeline extending across mountainous terrain to the freshwater pond at the mill site. If makeup water requirements surpass the pipeline's 2,000 L/s capacity, supplemental supply from wellfields will be available to ensure consistent reliability during dry years.

The Study assumes that the desalination plant, water pipeline, concentrate pipeline and roaster would be in a separate infrastructure company that would finance the development. Financial costs were included as operating costs with an assumed margin and capital payback.

Permitting

The Vicuña Project spans Argentina and Chile and is governed by robust binational regulatory frameworks. In Argentina, the Environmental Impact Assessment (EIA) process culminates in the Declaración de Impacto Ambiental (DIA), while in Chile, projects must obtain an Environmental Qualification Resolution (RCA) through the System for the Evaluation of Environmental Impacts. The Stage 1 exploitation DIA in Argentina has been secured with several updates in progress. Additional permits on both sides of the border, including hydraulic authorizations, blasting permits, and sectoral approvals for water, mining operations, easements, maritime concessions, and discharge infrastructure will be required. Environmental baseline studies for the Project have been extensive and ongoing, covering climate, hydrology, geology, biodiversity, air quality, archaeology, paleontology, and cryology. The high-altitude Andean environment is characterized by semi-arid conditions, sensitive wetland ecosystems (vegas), and notable species of conservation concern. Comprehensive water monitoring networks in both Argentina and Chile have enabled detailed characterization of watershed behavior, water quality, and hydrogeology.

Corporate Social Responsibility

The Project spans diverse communities in San Juan in Argentina and the Atacama Region of Chile, where mining plays a central socioeconomic role. Vicuña has prioritized engagement, transparency, and shared-value creation. Key themes that emerged from stakeholder engagement include local content, water management, and long-term economic development. The Project's social strategy focuses on building trust, local employment and supplier development, and institutional strengthening. Targeted initiatives also exist for vulnerable groups.

Engagement will intensify during construction. Over the life of mine, Vicuña will maintain ongoing dialogue, support shared-value initiatives, and ensure that communities are active participants in project-related planning. Collectively, these initiatives position the Vicuña Project to advance in alignment with regulatory expectations, community priorities, and internationally recognized industry practice.

Benefits to Argentina and Chile

The development of the Project is expected to provide substantial economic benefits to Argentina and Chile, both locally and at a national level. Vicuña will be one of the largest foreign direct investments in Argentina in the last 10 years and will be a meaningful contributor to gross domestic product.

It is estimated that during production, the Project will contribute about $965 million annually and $69 billion over the LOM in taxes and royalties to the Argentinian economy. During construction, employment including employees of the Company and contractors is estimated to average 5,500 direct workers and 19,000 indirect workers. In addition to the continuation of existing community investment programs and small business development, economic diversification activities to attract and grow other industries will be advanced in parallel.

Through the development of modern infrastructure and cross-border integration, Vicuña will support broader economic development in Chile's Atacama region. Meaningful infrastructure investment in Chile – including a port, desalination plant, water pipeline, roaster, and concentrate export facilities – will create long-term strategic assets that enhance regional competitiveness and industrial capacity. These investments, expected to total several billion dollars over the staged construction of the Project, will generate employment, strengthen local supply chains, and deliver sustained economic benefits to the region. In addition, the infrastructure will offer the potential for operational and commercial synergies with Lundin Mining's existing Chilean operations at Candelaria and Caserones, including shared infrastructure, logistics optimization, procurement efficiencies, and knowledge transfer.

Next Steps

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 and training initiatives in preparation of self-perform early earthworks.
• Advancement of financing structure within Vicuña to fund construction.
• Approval of the Incentive Regime for Large Investments under the Long-Term Strategic Export Projects designation (RIGI PEELP) application in Argentina.
• Receipt of the Project permit amendment.

The next phase for the Vicuña Project is detailed design and engineering. The technical team will focus on advancing engineering in order to prepare procurement and other activities to support an efficient project start-up and mitigate risks of increasing lead times and variable international logistics.

About Lundin Mining

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

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 16, 2026 at 3:00 PM Eastern Time.

Cautionary Statement Regarding the PEA

The reader is advised that the PEA summarized in this news release is only a conceptual study of the potential viability of the Project, and the economic and technical viability of the Project and its estimated Mineral Resources has not been demonstrated. The PEA is preliminary in nature and provides only an initial, high-level review of the Project's potential and design options; there is no certainty that the PEA will be realized. The PEA conceptual mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Mineral Resources can be converted to Mineral Reserves.  Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described herein and to be described in the Technical Report.

Qualified Person Statements and Related Disclosure

The Technical Report summarizing the results of the Study is being prepared in accordance with NI 43-101 and will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca within 45 days of this news release. The Qualified Persons (as defined under NI 43-101) named below have reviewed and verified the scientific and technical information in respect to the Study in this news release and approve the written disclosure of such information.

The Qualified Persons are:

Mr. Luke Evans, P.Eng., Global Technical Director, Geology Group Leader, SLR Consulting (Canada) Ltd.
Mr. Paul Daigle, P.Geo., Principal Resource Geologist, AGP Mining Consultants Inc.
Mr. Sean Horan, P.Geo., Director of Resource Modelling, Resource Modelling Solutions Ltd.
Mr. Jeffery Austin, P.Eng., President, International Metallurgical and Environmental Inc.
Mr. Rod Clary, P.Eng., Director – Design Engineering, Fluor Enterprises Inc.
Mr. Kirk Hanson, P.E., Managing Member, KH Mining LLC
Mr. Dustin Smiley, P.Eng., Area Director – Phase II, Vicuña Corp.
Mr. Daniel Ruane, P.Eng., Senior Engineer, Knight Piesold Ltd.

In accordance with applicable Canadian securities laws, all Mineral Resource estimates disclosed or referenced in this news release have been prepared in accordance with the disclosure standards of, and have been classified in accordance with Canadian Institute of Mining, Metallurgy and Petroleum's ("CIM") "Definition Standards for Mineral Resources and Reserves". Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no guarantee that all or any part of the Mineral Resource will be converted into Mineral Reserves. In addition, "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian securities rules, estimates of Inferred Mineral Resources may not form the basis of an economic analysis, except for a preliminary economic assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an Inferred Mineral Resource exists or is economically or legally mineable.

Mineral Resource estimates are shown on a 100% basis. The Project is a 50:50 joint arrangement between Lundin Mining and BHP Canada. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%.

The Qualified Persons have reviewed and verified the sampling and analytical procedures, results of the QAQC program, database, domain interpretation, estimation parameters and validation of the block model and are of the opinion that Vicuña and their consultants have adopted a generally prudent and acceptable approach to their estimates. There was no limitation on the verification process. The Qualified Persons are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.

Mineral Resource Estimation

The Vicuña Mineral Resource estimate was prepared using commercial mine software and geostatistical software. The Mineral Resource estimates for Filo del Sol and Josemaria deposits are based on 224,849 m of drilling in 435 drill holes and 106,504 m in 243 drill holes, respectively. The holes were assayed on a nominal 2-metre basis.  Assays were composited (8 m for Filo del Sol and 4 m for Josemaria) and top-cut (Filo del Sol only) prior to interpolation. The deposits were segregated into multiple estimation domains based on the geological models of lithology, alteration and mineralization style. Density was assigned by using an average per estimation domain for Filo del Sol and simulated for Josemaria, based on the results of specific-gravity samples taken from the drill core. The geological database was closed on October 31, 2025 for Filo del Sol and December 31, 2022 for Josemaria.

Metal grades were interpolated using top-cut Ordinary Kriging for Filo del Sol and conditional simulation for Josemaria. Search ellipse anisotropy and orientation were guided by variography and geology. Mineral Resources are classified under the categories of Measured, Indicated, and Inferred according to the CIM's "Definition Standards for Mineral Resources and Reserves". Blocks were coded with the average distance to the nearest three drillholes, and the Mineral Resource classification was based primarily on drill hole spacing with consideration for the continuity of mineralization. Final classification shapes were smoothed by post-processing.

Metallurgical testing demonstrates that oxide mineralization at Filo del Sol is amenable to heap leach operations to produce copper cathode and gold/silver doré. Hypogene mineralization at Josemaria and Filo del Sol are considered amenable to conventional milling and flotation to produce copper concentrates. At Josemaria, average flotation recoveries of 82%, 60% and 56% are expected for copper, gold and silver, respectively. At Filo del Sol, flotation recoveries vary by material type.  In the Filo del Sol concentrator, overall average recoveries of 78%, 62% and 62% are expected for copper, gold and silver, respectively. In the Filo del Sol heap leach, recoveries of 67%, 63% and 78% are expected for copper, gold and silver, respectively. Recovery estimates consider metallurgical testwork completed up to January 13, 2025.

This Mineral Resource estimate is also based upon the reasonable prospect of eventual economic extraction based on an optimized pit, using cost assumptions consistent with the integrated Preliminary Economic Assessment. The pit optimization results are used solely for testing the "reasonable prospects for eventual economic extraction" and do not represent an attempt to estimate Mineral Reserves.  Conceptual pits for both deposits were generated using $4.60/lb. Cu, $2,875/oz. Au, and $32.50/oz. Ag. Maximum pit slope angle is 45 degrees for Filo del Sol and 45 degrees for Josemaria. At Josemaria, an average mining cost of $1.86/t with incremental costs of $0.049/t/bench are used. At Filo del Sol, an average mining cost of $1.64/t with incremental cost of $0.049/t/bench are used. Average processing costs are estimated at $4.48/t at Josemaria and range from $4.74 to $14.13/t at Filo. G&A cost estimates for both deposits are $1.64/t.

Filo del Sol copper equivalent (CuEq) assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.60/lb Cu, $2,875/oz Au and $32.50/oz Ag. The CuEq formula is: CuEq= Cu% + (0.73 * Au g/t) + (0.009 * Ag g/t).

Cautionary Note Regarding Non-GAAP Measures

The Company has included herein certain performance measures ("Non-GAAP measures") further described below. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable to similar data presented by other mining companies. While there is no standardized meaning of each Non-GAAP measure across the industry, the Company believes that each such measure is useful to external users in assessing operating performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non-GAAP measures.

Cash Cost (Net of By-Product Credits) per pound sold

Cash cost includes costs directly attributable to mining operations (including mining, processing and administration), treatment, refining and transportation charges and royalties. Cash Cost includes offsite infrastructure to be funded by a third party and is included in operating costs. Revenue from sales of by-products reduce cash cost. Cash cost per pound sold is calculated by dividend cash cost by the copper sales volume.

All-In Sustaining Cost (Net of By-Product Credits) per pound sold

All-In Sustaining Cost includes cash cost (as defined above), sustaining capital expenditure (including deferred stripping), reclamation costs and lease payments (cash basis). All-In Sustaining Cost per pound sold is calculated by dividing AISC by the copper sales volume.

Sustaining capital expenditure

Sustaining capital expenditure is a supplementary financial measure and defined as cash-basis expenditures which maintain operations and sustain production levels.

Expansionary capital expenditures

Expansionary capital expenditure is defined as cash-basis expenditures which increase production capacity, cash flow or earnings potential and are reported excluding capitalized interest. Where an expenditure both maintains and expands current operations, classification would be based on the primary decision for which the expenditure is being made.

Free cash flow

Free cash flow is defined as cash flow provided by operating activities, deducting sustaining capital expenditures and expansionary capital expenditures (both as defined above).

Operating costs per tonne milled

Operating costs per tonne milled is a supplementary financial measure calculated as operating costs divided by tonnes milled.

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision and aspirations and their achievement and timing; the results of the Vicuña Project PEA, including but not limited to the Mineral Resource estimate and the parameters and assumptions used to estimate the Mineral Resources, future expansion of the Mineral Resource estimate and the Project, the life of mine, the life of mine plan, commencement of production, mining methods, estimated workforce and equipment requirements, production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery rates, process flowsheet, costs and expenditures (including capital, sustaining and operating costs, cash costs and AISC) and the timing thereof, economic metrics and sensitivities, estimated economic results (including Project economics, economic metrics, financial performance, revenues, cash flows, earnings, NPV and IRR) and the parameters and assumptions used to estimate the economic results, geological and mineralization interpretations, exploration and development activities, timelines and similar statements relating to the economic viability of the Project, tailings management, Project infrastructure requirements (including tailings storage facilities, water, power, copper concentrate roasting facilities, pipelines, transportation systems, and desalination plant and pipeline), Project development and construction plans (including staged development, Project Stages, sequencing, timing, costs and the effects and benefits), Project permitting (including timelines and expected receipts of approvals, consents and permits, and the effects thereof), sanctioning of the Project and the timing thereof, community and social engagement and corporate social responsibility matters, economic, fiscal and other benefits of the Project to local communities, host-countries, shareholders and other stakeholders, the Vicuña Project Technical Report and the timing thereof; Project studies (including technical, environmental and social studies); the RIGI application and the timing and benefits thereof; the size and scale of the Vicuña Project, and the potential for the Vicuña Project to be a world-class project ranking among the top five copper, gold and silver mines globally; the Company's credit facility and the amendments thereto, including upsizing, expected terms thereof, timing of execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended credit facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; the use of the credit facility; Project funding and the Company's expectations regarding its funding strategy and its work with BHP; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance, including expected earnings, revenue, cash flow, costs, expenditures and other financial metrics; permitting requirements and timelines; the Company's ability to comply with contractual and permitting or other regulatory requirements; timing and possible outcome of pending litigation and disputes, including tax disputes; the timing and expectations of future studies; the results of any Preliminary Economic Assessment, Pre- Feasibility Study,  Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the Company's growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the operation of the Vicuña Project with BHP; expected processing capacities and infrastructure development; the timing and expectations for future regulatory applications; the anticipated economic and fiscal benefits to Argentina and Chile, including expected tax, royalty, employment and infrastructure impacts and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits (including the RIGI application) and their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended credit facility; the ability of the Company to access committed amounts, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the successful sanctioning, permitting and development of the Vicuña Project and commencement of production; successful completion of the Company's projects and initiatives (including the Project) within budget and expected timelines; and such other assumptions as set out herein, in the Project Technical Report when filed, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to Inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; potential for the allegation of fraud and corruption involving the Company, its  respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the three and nine months ended September 30, 2025, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024, and the "Risk and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.

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

SOURCE Lundin Mining Corporation