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

17.03.2026 - 18:02:05 | prnewswire.co.uk

Lundin Mining Corporation British Columbia Ontario

and on the Company's website at www.lundinmining.com.

On April 16, 2025 the Company completed the sale of its European assets to Boliden. See press release "Lundin Mining Completes the Sale of Neves-Corvo and Zinkgruvan to Boliden". In addition, the Company completed the sale of the Eagle mine to Talon on January 9, 2026, see press release "Lundin Mining Completes the Sale of the Eagle Mine and Humboldt Mill to Talon Metals".

Mineral Resources (100% basis, inclusive of Reserves)

Grade

Contained Metal

Site

Category

Tonnes
kt

Cu
%

Au
g/t

Ag
g/t

Mo
ppm

Cu
kt

Au
Koz

Ag
Koz

Mo
kt

Interest
%

Candelaria

Proven

269,001

0.45

0.11

1.37

1,208

917

11,823

80 %

Open Pit

Probable

24,372

0.29

0.08

1.09

853

80 %

Total

293,373

0.44

0.10

1.34

1,278

979

12,676

80 %

La Espanola

Proven

52,454

0.40

0.08

0.34

209

138

567

80 %

Probable

64,326

0.36

0.07

0.32

231

136

668

80 %

Total

116,780

0.38

0.07

0.33

440

275

1,235

80 %

Underground

Proven

20,999

0.85

0.19

3.33

177

131

2,248

80 %

Probable

62,817

0.78

0.17

3.29

490

343

6,653

80 %

Total

83,816

0.80

0.18

3.30

667

474

8,901

80 %

Stockpile

Proven

80 %

Probable

86,187

0.29

0.09

1.20

246

238

3,325

80 %

Total

86,187

0.29

0.09

1.20

246

238

3,325

80 %

Ojos del Salado

Proven

2,984

0.84

0.21

1.97

189

80 %

Underground

Probable

9,572

0.83

0.17

2.13

656

80 %

Total

12,556

0.83

0.18

2.09

105

845

80 %

Candelaria

Proven

345,438

0.47

0.11

1.34

1,619

1,206

14,827

80 %

Combined

Probable

247,274

0.45

0.10

1.53

1,117

834

12,155

80 %

Total

592,712

0.46

0.11

1.42

2,736

2,040

26,981

80 %

Caserones

Proven

218,883

0.36

124

797

70 %

Concentrator

Probable

302,930

0.31

117

939

70 %

Total

521,813

0.33

120

1,736

70 %

Dump Leach

Proven

91,229

0.28

255

70 %

Probable

184,028

0.21

386

70 %

Total

275,257

0.23

641

70 %

Caserones
Combined

Proven

310,112

0.34

124

1,051

70 %

Probable

486,958

0.27

117

1,326

70 %

Total

797,070

0.30

120

2,377

70 %

Chapada

Proven

291,237

0.25

0.14

740

1,311

100 %

Open Pit

Probable

126,092

0.22

0.11

274

430

100 %

Total

417,329

0.24

0.13

1,013

1,741

100 %

Stockpile

Proven

100 %

Probable

131,800

0.17

0.11

220

445

100 %

Total

131,800

0.17

0.11

220

445

100 %

Chapada
Combined

Proven

291,237

0.25

0.14

740

1,311

100 %

Probable

257,892

0.19

0.11

494

875

100 %

Total

549,129

0.22

0.12

1,233

2,186

100 %

Lundin
Mining Total

(100% basis)*

Proven

946,787

0.36

0.08

0.49

3,410

2,517

14,827

Probable

992,124

0.30

0.05

0.38

2,937

1,709

12,155

Total

1,938,911

0.33

0.07

0.43

6,347

4,226

26,981

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 18, 2026 at 11:45 PM Eastern Time.

Cautionary Notes to Investors – Mineral Resource and Reserve Estimates

In accordance with applicable Canadian securities laws, all Mineral Reserve and Mineral Resource estimates of the Company disclosed or referenced in this news release have been prepared in accordance with the disclosure standards of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"), and have been classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum's ("CIM") "Definition Standards for Mineral Resources and Reserves" (the "CIM Standards"). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Notes on Mineral Resource and Mineral Reserve Tables

Mineral Resource and Mineral Reserve estimates are shown on a 100% basis. The Measured and Indicated Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral Reserve estimates. All estimates, with the exception of Chapada and Vicuña are effective as of December 31, 2025. The effective date of Chapada is as of December 31, 2024 and the effective date of Vicuña is October 31, 2025.

Reference herein to $ or USD is to United States dollars, CLP is to Chilean pesos, BRL is to Brazilian real and ARS is to Argentine pesos. Unless noted otherwise, Mineral Reserves for Candelaria and Caserones have been estimated using metal prices of $3.85/lb copper, $1,900/oz gold, $25/oz silver, and $17/lb molybdenum whereas Mineral Resources have been estimated using metal prices of $4.43/lb copper and $2,185/oz gold. Exchange rate used for Caserones and Candelaria was USD/CLP 900 for Mineral Reserve and Mineral Resource estimates. For the Vicuña (Josemaria and Filo del Sol) Mineral Resources, the metal prices used were $4.60/lb copper, $2,875/oz gold and $32.50/oz silver. Exchange rate used for Vicuna was USD/ARS 1,300 for Mineral Resources.

Mineral Reserves for Chapada have been estimated using metal prices of $3.85/lb copper, $1,600/oz gold, whereas Mineral Resources have been estimated using metal prices of $4.43/lb copper and $1,840/oz gold. Exchange rate used was USD/BRL 5.00 for Mineral Reserve and Mineral Resource estimates.

For a better understanding of each of the Company's deposits readers are encouraged to read the technical reports and other public disclosure of the Company, including all qualifications, assumptions, exclusions and risks that relate to the Mineral Resource and Mineral Reserve estimates. The technical reports for the Company's material projects are listed below, are intended to be read as a whole, and sections should not be read or relied upon out of context.

The Mineral Resource estimates for Lundin Mining sites were prepared under the supervision of and verified by Hamilton Matias, Registered Member of SME, Director, Resource Geology except for Chapada which were prepared under the supervision of and verified by Gustavo Campos, FAusIMM, Director Technical Services for Chapada Mine. For the Vicuña Project (Josemaria and Filo del Sol) the Mineral Resources were prepared independently by Mr. Sean Horan, P.Geo., Principal Resource Geologist of Resource Modelling Solutions Ltd. (Josemaria) and Luke Evans, P.Eng., Global Technical Director, Geology Group Leader, SLR Consulting (Canada) Ltd. (Filo del Sol). Mineral Reserve estimates for Lundin Mining sites were prepared under the supervision of and verified by Claudio Araya, Register QP for the Chilean Mining Commission, Director, Reserves and Mine Planning, Pedro Elissetche, Register QP for the Chilean Mining Commission, Global Practice Lead, Reserves & Mine Planning, and Arthur Oppitz, FAusIMM, Technical Services Manager. They have also reviewed, verified and approved the technical and scientific information in this news release. No limitations were imposed on their verification process. Each of the aforementioned persons is a Qualified Person as defined under NI 43-101. Mineral Reserves for Vicuña (Josemaria and Filo del Sol) Project were declassified on April 15, 2025 as discussed in the NI 43-101 Technical Report Vicuña Project, Argentina and Chile, dated April 15, 2025.

Candelaria and Ojos del Salado

Candelaria and La Española open pit Mineral Resource estimates are reported within a conceptual pit shell with cut-off grades of 0.12% and 0.14% copper, respectively. Underground Mineral Resources are estimated at cut-off grades of 0.39% and 0.42% copper for Candelaria underground and Ojos del Salado, respectively. Mineral Reserves for the Candelaria open pit, Española open pit, and Candelaria underground are estimated at cut-off grades of 0.14%, 0.16% and 0.45% copper, respectively. Mineral Reserves for the Santos mine at Ojos del Salado is estimated at a cut-off grade of 0.48% copper. Claudio Araya, Director, Reserves and Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves estimates.

For further information on Candelaria, refer to the Technical Report entitled Technical Report for the Candelaria Copper Mining Complex, Atacama Region, Region III, Chile", dated February 22, 2023, which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

Caserones

Caserones Mineral Resource estimates are reported within a conceptual pit shell using NSR cut-off values of $13.37/t mineralized material processed at concentrating and $4.28/t for dump leach mineralized material. Mineral Reserves for the Caserones open pit are estimated using open pit discard NSR cut-off values of $13.37/t for ore processed at concentrating and $4.28/t for ore delivered to the heap leach and SX/EW processing. Hamilton Matias, Director, Resource Geology, Lundin Mining has reviewed and verified the Mineral Resources estimates, and Pedro Elissetche, Global Practice Lead, Reserves & Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves estimates.

For further information on Caserones, refer to the Technical Report entitled NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile, dated July 13, 2023 which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

Chapada

The Chapada Mineral Resource estimates are reported within a conceptual pit shell at an open pit discard NSR cut-off value of $6.26/t. For Suruca, an NSR cut-off value of $6.80/t was used for oxide (heap leach) and sulphide portion, and $11.42/t for oxide (carbon-in-leach). Mineral Reserves are estimated using open pit discard NSR cut-off values of $5.87/t for the Chapada open pit. The Saúva open pit Mineral Resource estimates are reported within a conceptual pit shell with NSR cut-off value of $7.12/t. Saúva underground Mineral Resources are reported within optimized stope volumes with an NSR cut-off value of $34.50/t. Mr. Gustavo Campos, FAusIMM, Director Technical Services for Chapada mine has reviewed and verified the Mineral Resources for Chapada, Suruca and Saúva. Mr. Arthur Oppitz, FAusIMM, Technical Services Manager, Lundin Mining has reviewed and verified the Mineral Reserves estimates.

For further information on Chapada, refer to the NI 43-101 Technical Report entitled Independent Technical Report for the Chapada Mine and Saúva Copper-Gold Project, Northern Goiás State, Brazil, dated February 19, 2025 which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

Vicuña

Mineral Resources are reported in situ. The Filo del Sol estimates were current at December 31, 2025, and the Josemaría estimates were current at December 31, 2025. Mineral Resources are reported on a 100% basis. The Project is a 50:50 joint venture between Lundin Mining and BHP Canada. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%. The Qualified Person for the Filo del Sol estimates is Mr. Luke Evans, M.Sc., P.Eng., an SLR Consulting (Canada) Ltd. employee. The Qualified Person for the Josemaría estimate is Mr. Sean D. Horan, P.Geo., a Resource Modelling Solutions Ltd. employee.

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

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

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

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

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

For further information on Vicuña, refer to the news dated February 16, 2026 which is filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision and aspirations and their achievement and timing; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans, and the parameters and assumptions used to estimate the foregoing; metal grades and production and recovery rates; geological and mineralization interpretations; expectations regarding adding Mineral Reserves at the Company's projects, including upgrading existing Mineral Resources to Minerals Reserves at the Company's operations and projects, including the Saúva deposit and reclassifying Mineral Resources at Josemaria into Mineral Reserves; the timing and expectations of future studies and technical reports; expectations regarding a maiden Mineral Resource estimate at the Caserones Angélica target and the timing thereof; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the Vicuña Project and the Company's 50/50 joint arrangement with BHP; and expectations for other economic, business, and/or competitive

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

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