Lundin Mining Reports Fourth Quarter and Full Year 2025 Results

Lundin Mining Corporation British Columbia Ontario

by the end of April 2026.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2026 at 15:30 Vancouver Time.

The Company will file a 2025 Swedish Annual Report to Börsinformation and on its website at www.lundinmining.com by the end of April 2026.

Technical Information 

The technical report summarizing the results of the Study, including the Updated Vicuña Mineral Resource, is being prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca in accordance with applicable securities rules. The Qualified Persons named below have reviewed and verified the scientific and technical information in respect of the Study in this document and approve the written disclosure of such information.

The Qualified Persons are:
Mr. Luke Evans, P.Eng., SLR Consulting (Canada) Ltd.
Mr. Paul Daigle, P.Geo., AGP Mining Consultants Inc.
Mr. Sean Horan, P.Geo., Resource Modelling Solutions Ltd.
Mr. Jeffery Austin, P.Eng., International Metallurgical and Environmental Inc.
Mr. Rod Clary, P.E., Design, Fluor Corp.
Mr. Kirk Hanson, P.E., KH Mining LLC
Mr. Dustin Smiley, P.Eng., Vicuña Corp.
Mr. Daniel Ruane, P.Eng., Knight Piesold Ltd.

Each of the foregoing individuals is a "Qualified Person" as defined by NI 43-101. The Updated Vicuña Mineral Resource estimates are shown on a 100% basis and have an effective date of October 31, 2025. For further information related to the Study, including the Updated Vicuña Mineral Resource, and the key assumptions, parameters, and methods used to estimate the Updated Vicuña Mineral Resource, risks and cautionary statements, see the Company's news release dated February 16, 2026.

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

Reconciliation of Non-GAAP Measures  

The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2025 which is available on SEDAR+ at www.sedarplus.com.

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

Three months ended December 31, 2025

Continuing operations

Candelaria

Caserones

Chapada

Consolidated

Total -

continuing

operations1

($ millions, unless otherwise noted)

(Cu)

(Cu)

(Cu)

(Cu)

Sales volumes (contained metal):

Tonnes

32,882

45,134

9,413

87,429

Pounds (000s)

72,492

99,503

20,752

192,747

Production costs

226.6

247.3

71.9

545.8

546.8

Less: Royalties and other

(9.1)

(20.4)

(4.9)

(34.4)

(35.5)

217.5

226.9

67.0

511.4

511.4

Deduct: By-product credits2

(56.8)

(41.8)

(58.0)

(156.6)

(156.6)

Add: Treatment and refining charges

5.6

1.9

0.4

7.9

7.9

Cash cost

166.3

187.0

9.4

362.7

362.7

Cash cost per pound ($/lb)

2.29

1.88

0.45

1.88

Add: Sustaining capital expenditure

79.5

56.8

21.1

Royalties

4.3

15.2

4.3

Reclamation and other closure accretion and depreciation

1.9

0.3

1.7

Leases and other

2.3

13.8

1.0

All-in sustaining cost

254.3

273.1

37.5

AISC per pound ($/lb)

3.51

2.74

1.81

1 Includes immaterial amounts related to other segments.

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

Three months ended December 31, 2025

Discontinued Operations

Eagle

Total -

discontinued

operations

($ millions, unless otherwise noted)

(Ni)

Sales volumes (Contained metal):

Tonnes

1,756

Pounds (000s)

3,872

Production costs

38.0

38.0

Less: Royalties and other

(2.8)

(2.8)

35.2

35.2

Deduct: By-product credits1

(26.3)

(26.3)

Add: Treatment and refining charges

—

—

Cash cost

8.9

8.9

Cash cost per pound ($/lb)

2.31

Add: Sustaining capital expenditure

3.9

Royalties

2.7

Reclamation and other closure accretion and depreciation

0.8

Leases and other

3.5

All-in sustaining cost

19.9

AISC per pound ($/lb)

5.13

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

Three months ended December 31, 2024

Continuing operations

Candelaria

Caserones

Chapada

Consolidated

Total -

continuing

operations1

($ millions, unless otherwise noted)

(Cu)

(Cu)

(Cu)

(Cu)

Sales volumes (contained metal):

Tonnes

49,052

26,750

10,200

86,002

Pounds (000s)

108,141

58,973

22,487

189,601

Production costs

201.0

200.2

64.4

465.7

465.9

Less: Royalties and other

(7.8)

(14.2)

(4.8)

(26.8)

(27.0)

193.2

186.0

59.6

438.9

438.9

Deduct: By-product credits2

(43.3)

(46.6)

(39.4)

(129.3)

(129.3)

Add: Treatment and refining charges

15.1

8.4

3.9

27.4

27.4

Cash cost

165.0

147.8

24.1

337.0

337.0

Cash cost per pound ($/lb)

1.53

2.51

1.07

1.78

Add: Sustaining capital expenditure

55.5

43.0

32.9

Royalties

4.7

7.7

2.7

Reclamation and other closure accretion and depreciation

2.1

(4.5)

2.4

Leases and other

1.4

17.2

1.1

All-in sustaining cost

228.7

211.3

63.2

AISC per pound ($/lb)

2.12

3.58

2.81

1 Includes immaterial amounts related to other segments.

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

Three months ended December 31, 2024

Discontinued operations

Eagle

Neves-Corvo

Zinkgruvan

Total -

discontinued

operations

($ millions, unless otherwise noted)

(Ni)

(Cu)

(Zn)

Sales volumes (contained metal):

Tonnes

1,088

5,230

18,627

Pounds (000s)

2,399

11,531

41,066

Production costs

21.1

73.2

29.1

123.4

Less: Royalties and other

(0.8)

—

—

(0.8)

20.3

73.2

29.1

122.6

Deduct: By-product credits1

(7.8)

(56.6)

(19.1)

(83.5)

Add: Treatment and refining charges

—

4.7

7.4

12.1

Cash cost

12.5

21.2

17.5

51.2

Cash cost per pound ($/lb)

5.22

1.84

0.43

Add: Sustaining capital expenditure

5.2

12.7

22.5

Royalties

0.7

0.8

—

Reclamation and other closure accretion and depreciation

1.7

1.2

0.7

Leases and other

2.7

2.9

0.1

All-in sustaining cost

22.8

38.9

40.7

AISC per pound ($/lb)

9.53

3.37

0.99

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

Year ended December 31, 2025

Continuing operations

Candelaria

Caserones

Chapada

Consolidated

Total -

continuing

operations1

($ millions, unless otherwise noted)

(Cu)

(Cu)

(Cu)

(Cu)

Sales volumes (contained metal):

Tonnes

140,500

138,287

42,040

320,827

Pounds (000s)

309,749

304,870

92,682

707,301

Production costs

783.9

854.5

306.8

1,945.2

1,948.1

Less: Royalties and other

(18.6)

(52.4)

(22.3)

(93.3)

(96.2)

765.3

802.1

284.5

1,851.9

1,851.9

Deduct: By-product credits2

(193.1)

(149.8)

(220.4)

(563.3)

(563.3)

Add: Treatment and refining charges

22.9

8.3

5.0

36.2

36.2

Cash cost

595.1

660.6

69.1

1,324.8

1,324.9

Cash cost per pound ($/lb)

1.92

2.17

0.75

1.87

Add: Sustaining capital expenditure

224.4

156.3

96.8

Royalties

15.7

41.9

14.5

Reclamation and other closure accretion and depreciation

7.9

2.7

6.8

Leases and other

7.5

63.5

4.1

All-in sustaining cost

850.6

925.0

191.3

AISC per pound ($/lb)

2.75

3.03

2.06

1 Includes immaterial amounts related to other segments.

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

Year ended December 31, 2025

Discontinued Operations

Eagle

Neves-Corvo1

Zinkgruvan1

Total -

discontinued

operations

($ millions, unless otherwise noted)

(Ni)

(Cu)

(Zn)

Sales volumes (Contained metal):

Tonnes

7,651

6,745

20,698

Pounds (000s)

16,868

14,870

45,631

Production costs

150.7

90.2

36.9

277.8

Less: Royalties and other

(15.5)

(1.3)

—

(16.8)

135.2

88.9

36.9

261.0

Deduct: By-product credits2

(92.2)

(67.0)

(23.3)

(182.5)

Add: Treatment and refining charges

—

5.4

7.2

12.6

Cash cost

43.0

27.3

20.8

91.1

Cash cost per pound ($/lb)

2.55

1.84

0.46

Add: Sustaining capital expenditure

21.3

27.7