Lundin Mining Corporation (TSX: LUN) (Nasdaq Stockholm: LUMI) today reported its third quarter 2025 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.

Jack Lundin, President and CEO commented, “We are pleased to report another solid quarter at Lundin Mining, with copper production, revenue, EBITDA, and earnings all exceeding results from the first and second quarters. The Company generated over $1 billion in revenue and delivered $383 million of adjusted operating cash flow. Consolidated copper cash cost of $1.61 /lb marks our lowest quarterly cost this year.

“We are updating our full-year guidance to reflect strong operational performance, particularly at Caserones. The midpoint of consolidated copper production is increasing by 11,500 tonnes to 328,000 tonnes, with a new range of 319,000 to 337,000 tonnes. Additionally, improved performance at Caserones and Chapada has resulted in the lowering of our overall consolidated copper cash cost guidance to a range of $1.85 to $2.00 /lb.

“Encouraging progress continues to be made with our near-term growth initiatives at our existing operations and with the large-scale Vicuña Project. We are thrilled to welcome Ron Hochstein as Chief Executive Officer of Vicuña Corp., joining a seasoned team with a proven track record of success. The Vicuña team is advancing parallel studies to support a multi-phased development plan, with an integrated technical study anticipated in Q1 2026.”

Third Quarter Operational and Financial Highlights 

Continued strong operational performance drove earnings in the third quarter, supported by sustained higher gold prices. Consolidated copper guidance for the full-year is increasing to 319,000 – 337,000 tonnes of copper, reflecting stronger cathode production at Caserones. The balance sheet strengthened during the period, and the Company expects to continue to pay down debt throughout the fourth quarter. Full-year 2025 consolidated copper cash cost¹ guidance is decreasing by approximately $0.125 /lb to $1.85 to $2.00 /lb.

Third Quarter Highlights:

• Copper Production: 87,353 tonnes of copper production at a consolidated copper cash cost of $1.61 /lb.
• Other Production: 37,763 ounces of gold and 2,724 tonnes of nickel.
• Revenue: $1,007.0 million from continuing operations with a realized copper price¹ of $4.61 /lb and a realized gold price¹ of $3,889 /oz.
• Net Earnings and Adjusted Earnings¹: Net earnings from continuing operations attributable to shareholders of the Company was $143.3 million ($0.17 per share) and adjusted earnings from continuing operations was $152.3 million ($0.18 per share).
• Adjusted EBITDA¹: $489.7 million generated from continuing operations.
• Cash Generation: Cash provided by continuing operations was $270.3 million and free cash flow from operations¹ was $168.9 million. Adjusted operating cash flow from continuing operations¹ was $382.9 million.
• Net debt¹: As at September 30, the net debt position of the Company was $107.9 million (excluding lease liabilities).
• Growth: The Company is continuing to advance its growth initiatives as part of its strategic aspirations to become a global top-ten copper producer and achieve copper production of over 500,000 tonnes per year and gold production of over 550,000 ounces per year:
  • Underground contractor insourcing initiatives continued at Candelaria with the initial wave of contractors being brought onboard, insourcing will continue into next year.
  • Saúva Phase 1 mine plan development advanced and further discussions with authorities regarding permitting timelines continued, an update is expected in January.
  • Vicuña Corp. announced the appointment Ron Hochstein as Chief Executive Officer of Vicuña. Mr. Hochstein has been an integral member of the Lundin Group for more than 30 years, holding a variety of leadership roles and building an outstanding track record of creating shareholder value. Vicuña is a 50/50 joint arrangement between Lundin Mining and BHP that holds the consolidated deposits of Filo del Sol and Josemaria.
  • Vicuña continues to advance the Vicuña Project through drilling, tradeoff studies, engineering, cost estimation and permitting in preparation for the integrated technical study in the first quarter 2026.
• Shareholder Returns: A quarterly dividend of C$0.0275 per share has been declared. During the quarter, no common shares were purchased under the NCIB. So far during 2025, Lundin Mining has acquired 12,629,000 common shares at a cost of approximately $104.0 million.
• Outlook: The Company is pleased to be increasing and tightening its full-year copper guidance from 303,000 – 330,000 to 319,000 – 337,000 tonnes of copper. The Company is further improving cash cost guidance at Caserones, Chapada and Eagle which lowers full-year consolidated cash cost guidance for the Company to $1.85 – $2.00 /lb cash cost. Annual capital expenditure guidance is being reduced by deferrals at Candelaria and Caserones.

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• These are non-GAAP measures. 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 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Summary Financial Results

Quarterly Financial Results

• The Company generated revenue from continuing operations of $1,007.0 million (Q3 2024 – $873.1 million) which benefitted from higher realized copper and gold prices.
• Gross profit from continuing operations of $347.7 million was $81.5 million higher than in the prior year comparable period of $266.2 million. The increase was primarily due to higher realized copper and gold prices and lower treatment charges, partially offset by lower sales volumes at Candelaria and increased depreciation expense.
• Net earnings from continuing operations increased to $184.6 million from $110.7 million in the prior year comparable period primarily due to higher gross profit combined with lower interest expense from reduced net debt.
• Adjusted earnings from continuing operations of $152.3 million increased from $57.2 million in the prior year comparable period primarily as a result of higher gross profit.
• Cash provided by operating activities related to continuing operations of $270.3 million increased from $81.4 million in the prior year comparable period primarily due to higher gross profit and a lower working capital build.
• Sustaining capital expenditures² from continuing operations of $109.1 million were consistent with the prior year comparable period of $109.3 million.
• Expansionary capital expenditures³ of $51.1 million were consistent with the prior year comparable period of $49.9 million.
• Free cash flow² from continuing operations of $110.1 million increased from negative free cash flow of $77.8 million in the prior year comparable period due to increased cash provided by operating activities related to continuing operations.
• As at November 5, 2025, the Company had cash of approximately $225 million and net debt excluding lease liabilities of approximately $100 million.

Q3 2025 Operational Performance

Total Production 

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²  This is a supplementary financial measure. Please refer to the Company’s discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

³  These are non-GAAP measures. Please refer to the Company’s discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

⁴  This is a non-GAAP measure. Please refer to the Company’s discussion of non-GAAP and other performance measures in its MD&A for the three and nine months ended September 30, 2025 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

Candelaria (80% owned):  Candelaria produced 37,129 tonnes of copper and 19,899  ounces of gold in concentrate on a 100% basis. Mining was focused on Phase 11 and production continued to benefit from strong throughput in the mill due to softer ore feed, finer ore size and higher ball mill runtime. Cash cost[4]of $1.87/lb was impacted by lower grades and higher mining costs, partially offset by higher metal prices for by-product credits and reduced treatment and refining charges.

Caserones (70% owned):  Caserones produced 35,270 tonnes of copper and 574 tonnes of molybdenum on a 100% basis. Copper concentrate production was positively impacted by improved grades from Phase 6, while copper cathode production benefitted from increased material placed on the dump leach in previous periods. Cash cost of $1.86/lb benefitted from strong throughput and higher grades, increased by-product credits, decreased treatment and refining charges, and reduced contractor expenses. Revenue in the quarter was impacted by a shipment of copper concentrate scheduled for September that was delayed into October due to weather related issues. The shipment of approximately 5,100 tonnes of contained payable copper, valued at approximately $50 million, will be recognized as revenue in the fourth quarter.

Chapada (100% owned): Chapada produced 12,600 tonnes of copper and 17,864 ounces of gold in concentrate. Ore from the North and South open pits continued to be mined and processed, prioritizing higher-grade material consistent with the planned mine sequence. Production also benefitted from strong throughput, which was the highest since Q3 2022. Cash cost of $0.50/lb was the lowest since Q4 2020 and benefitted from higher gold by-product credits as a result of increased realized gold prices, combined with higher throughput and grades.

Eagle (100% owned):  Eagle produced 2,724 tonnes of nickel and 2,354 tonnes of copper. Production was positively impacted by strong throughput in the mill resulting in nickel cash cost of $2.11/lb.

Outlook – Annual Guidance Update

Production Guidance Update

Lundin Mining remains on track to meet or exceed its original consolidated annual production guidance for all metals, as published in the MD&A for the three and six months ended June 30, 2025.

• Copper: The total annual production guidance range is increasing to 319,000 to 337,000 tonnes, with the midpoint rising by approximately 11,500 tonnes.
  • Candelaria: Narrowing both the lower and upper range for copper and the upper range for gold. Production is expected to remain consistent with previous quarters.
  • Caserones: Increasing copper guidance due to higher cathode production. Higher copper head grades in the third quarter are expected to continue into the fourth quarter, supporting revised production guidance.
  • Chapada: No changes to production guidance. Production is weighted to the second half of 2025. Fourth quarter copper grades and recoveries are expected to be in line with those of the third quarter.
• Nickel: The lower range of guidance is increasing to reflect expected results aligned with the mine plan. Grades and mining rates are expected to remain stable in the fourth quarter.

Cash Cost Guidance Update

Cash cost guidance ranges are being reduced for Caserones, Chapada, and Eagle, driven by higher than expected sales volumes and by-product credits. Full-year consolidated copper cash cost guidance range is being reduced to $1.85 to $2.00 /lb.

• Candelaria: Cash cost is tracking to the midpoint of guidance.
• Caserones: Cash cost guidance is decreasing due to higher sales volume, lower labor costs and increased by-product credits.
• Chapada: Cash cost guidance is reducing further due to higher gold prices.
• Eagle: Cash cost guidance is decreasing due to reduced labor costs and increased by-product credits.

2025 Production and Cash Cost Guidance^a 

2025 Capital Expenditure Guidance^b,c

Annual capital expenditure guidance is being reduced to $750 million from $795 million with deferrals at Candelaria and Caserones.

2025 Exploration Investment Guidance

Total exploration expenditure guidance for 2025 remains at $40 million.

Exploration 

During the third quarter, exploration efforts were concentrated on in-mine and near-mine targets across all operating sites. A total of 17,390 metres were drilled across the four operations.

Candelaria

• Total drilling: 930 metres.
• Focus area: Candelaria Norte.
• Objective: Continued evaluation of mineral potential in the northern zone.

Caserones

• Total drilling: 5,152 metres.
• Rig deployment:
  • 1 rig at the Caserones pit targeting deep, high-grade copper breccias.
  • 3 rigs at Angelica targeting copper sulphides beneath the oxide deposit.

Chapada

• Total drilling: 3,847 metres.
• Rig deployment:
  • 1 rig in the Saúva resource area focused on expanding high-grade resources.
  • 1 rig testing shallow targets outside Saúva and other near-mine prospects.

Eagle

• Total drilling: 7,461 metres.
• Targets:
  • 2 rigs at Boulderdash targeting extensions of the known nickel-copper mineralized intrusion.
  • 1 rig at Roland Lake exploring new mineralization zones.

Talon Agreement Update

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

During the quarter, Vicuña announced the appointment of Ron Hochstein as Chief Executive Officer (CEO) of Vicuña, effective November 7, 2025. Mr. Hochstein is currently CEO and Director of Lundin Gold Inc. guiding the development and successful operation of the Fruta del Norte gold mine in Ecuador.

In 2025, work continues to advance parallel studies supporting a multi-phased development concept pertaining to the Josemaria and Filo del Sol deposits. An integrated technical report is targeted to be complete by early 2026.

The Josemaria Environmental Impact Assessment advanced through review by the San Juan authorities with a site visit scheduled for Q4 2025. Construction of the northern access road commenced during the quarter.

Drilling activities at Filo del Sol advanced with 14,587 metres completed during the quarter, bringing the year-to-date total to 48,992 metres across nine drill rigs.

Government relations activities continued with both the national and provincial governments, including discussions on provincial agreements. Work also progressed in the quarter on an application for the Argentinean Basis Law – Incentive Regime for Large Investments. RIGI application documents are expected to be submitted in the coming months.

Community investment programs were launched in 2025 with a focus on gender, youth training and cooperative development.

The Company spent $51.1 million in capital expenditures during the quarter, in line with $49.9 million in the prior year comparable period, and spent $126.0 million on a year-to-date basis compared to $193.0 million in the prior year comparable period. Both the quarter and year-to-date periods are impacted by the formation of Vicuña on January 15, 2025. From this date, the Company’s expansionary capital expenditures include 50% of Vicuña’s capital expenditures.

About Vicuña

On January 15, 2025, the Company completed the Filo Acquisition and the Joint Arrangement, resulting in the Company indirectly holding a 50% interest in Vicuña, an independently managed joint operation which owns the Josemaria deposit in Argentina and the Filo del Sol deposit in Argentina and Chile. BHP indirectly owns the remaining 50% interest in Vicuña.

An initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an updated Mineral Resource estimate for the Filo del Sol oxide deposit, and an updated Mineral Resource estimate for the Josemaria deposit highlighted the combined Vicuña Project as one of the largest copper, gold and silver resources in the world. Details of the Vicuña Mineral Resource are set out in the Vicuña Technical Report.

The Filo del Sol and Josemaria deposits have significant high-grade mineralization that could provide the initial years of mining for the Project.

• Filo del Sol high-grade core at cut-off of 0.75% copper equivalent: 606 million Mt (M&I) at 1.14% CuEq[5] (0.74% Cu) for contained metal of 4.5 Mt copper at 0.74%, 9.6 Moz gold at 0.49 g/t and 259 Moz silver at 13.3 g/t.
• Near surface Josemaria high-grade core at cut-off of 0.60% CuEq: 196 Mt (M&I) at 0.73% CuEq[6] (0.50% Cu) for contained metal of 978 kt copper at 0.50%, 2.4 Moz gold at 0.38 g/t and 11 Moz silver at 1.7 g/t.

The Filo del Sol deposit also contains copper oxide mineralization at surface.

• Lower capital intensity heap leach oxide cap of 434 Mt (M&I) at 0.34% copper (1.5 Mt), 0.28 g/t gold (3.9 Moz) and 2.5 g/t silver (35 Moz)
• High-grade oxides at a cut-off of 0.60% CuEq of 181 Mt (M&I) at 1.05% CuEq[7] (0.50% Cu) for contained metal of 911 kt copper at 0.50%, 2.3 Moz gold at 0.39 g/t and 230 Moz silver at 39.6 g/t.

Expansionary Projects

The Company has a number of brownfield expansionary projects that are expected to contribute to medium-term growth in its existing operating asset portfolio. Combined, these opportunities could add 30,000 to 40,000 tonnes of copper production growth and 60,000 to 70,000 ounces of annual gold production through low capital intensity growth projects.

Candelaria Underground Expansion

The Candelaria underground expansion project is expected to increase underground throughput capacity to ~22,000 tonnes per day from current levels of 12,000 to 14,000 tonnes per day targeting an increase in annual copper production of approximately 14,000 tonnes of copper per year. The opportunity includes insourcing of the Company’s underground mining contract and an increase in the number of active mining stopes. Internal recruitment has begun as part of the underground internalization process at Candelaria, initial crews have been onboarded and additional crews are expected to be insourced by the end of the year. It is anticipated that by mid-2026 the internalization of underground mining contractors will be completed.

Projects are also ongoing to support the mine life extension under the Environmental Impact Assessment.

Caserones Cathode Plant Utilization

Caserones cathode plant capacity is approximately 35,000 tonnes of cathode production per year, currently the plant is producing 20,000 to 25,000 tonnes of cathode per year representing an opportunity to increase production through higher utilization rates of the cathode plant.

Year to date Caserones cathode production has increased, improving utilization rates of the cathode plant. Additional oxide material placed on the dumps over the last 18 months and improved leaching practices are expected to lead to higher cathode production. Hydrometallurgical leaching models on the dump leach have been updated and will be reflected in production guidance going forward.

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⁵  Filo del Sol CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.43/lb Cu, $2,185/oz Au and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).

⁶  Josemaria high-grade core CuEq assumes metallurgical recoveries of 84% for copper, 67% for gold and 63% for silver, and metal prices of $4.43/lb Cu, $2,185/oz Au and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.58 * Au g/t) + (0.007 * Ag g/t).

⁷  Filo del Sol oxide CuEq assumes average metallurgical recoveries of 78% for copper, 62% for gold and 62% for silver, and metal prices of $4.43/lb Cu, $2,185/oz Au and $28.80/oz Ag. The CuEq formula is: CuEq= Cu% + (0.59 * Au g/t) + (0.008 * Ag g/t).

Chapada – Saúva Deposit

The Saúva deposit is approximately 15 kilometres from the Chapada mine and represents a near mine opportunity to add approximately 15,000 to 20,000 tonnes of copper production per year and 50,000 to 60,000 ounces of gold production per year. The project would include the installation of additional grinding capacity and higher grade ore from Saúva to offset lower grade material currently being mined at Chapada.

Permitting and technical work is ongoing to further define the project, the Company is expected to provide an update in January 2026 on timelines and production profiles.

About Lundin Mining 

Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in Argentina, Brazil, Chile and the United States of America, and primarily producing copper, gold and nickel.

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 November 5, 2025 at 15:35 Vancouver Time.

Technical Information

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 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 per Pound can be reconciled to Production costs on the Company’s Condensed Interim Consolidated Statements of Earnings as follows:

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

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:

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:

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:

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: