Lundin Mining : Vicuna Study Presentation - February 2026

Unlocking Vicuña

The World's Next Giant Mining District

Technical Report Presentation February 16, 2026

TSX: LUN NASDAQ STOCKHOLM: LUMI

Agenda

Study Highlights

Mineral Resource

Update

Stage 1 Josemaria Mine & Sulphide Mill

Stage 2 Filo Oxides

Stage 3

Filo Sulphides & Infrastructure

Summary & Next Steps

Drilling at Filo del Sol

Lundin Mining Corporate Presentation 2026

Vicuña PEA Study Highlights

Delivering on our strategy

• Giant metal district - peak production of over 500 ktpa of copper, 800 koz of gold and 20 Moz of silver1

• Multi-generational asset with a first quartile cash cost profile and

robust economics1

• Staged development plan - using cashflows to self-fund expansions

• Largest mining project ever to be developed in Argentina

Vicuña Team

Lundin Mining Corporate Presentation 2026

1. On a 100% basis. The Project is a 50:50 joint arrangement between Lundin Mining and BHP. Production numbers based on a 10-Year average defined as 2045 -

2054. The PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic

considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic 4

assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Vicuña District Concept

Staged development strategy to manage capital expenditures and self-fund expansions

	Stage 1 Josemaria Mine & Sulphide Mill	Development of the Josemaria mine and central sulphide mill for the Vicuña District Conventional open pit, milling and flotation operation
	Stage 2 Filo Oxides	Oxide mineralization above Filo sulphide zone Multi-stage leach circuit for different material types

• Infrastructure to support the mill expansion, concentrate slurry and desalination pipelines, roaster and powerline upgrade

• Expand sulphide mill to support Filo sulphide material

• Expansion would rank Vicuña as a top 5 global copper producing operation

Stage 3

Filo Sulphides, Mill Expansion & Infrastructure

Lundin Mining Corporate Presentation 2026 5

Vicuña PEA Study Highlights1,2

Potential to be a top five copper, gold and silver mine in the world

400

25-Yr Avg. Cu production

ktCu

Stage 1 Capital Expenditures

$7.1Bn

25-Yr Avg. Au production

700kozAu

25-Yr Avg Annual FCF3

$2.2Bn

25-Yr Avg. Ag production

22MozAg

25-Yr Avg C1 Cash Costs3,4 ($/lb Cu)

($0.20)/lb

1. Please see cautionary statement regarding the Preliminary Economic Assessment on page 2 of this presentation.

2. On a 100% basis. First 25 years of commercial production beginning in the first full year of operations. 10-year average peak production years defined as 2045 - 2054

3. Average Free Cash Flow includes expansionary capital expenditures. Annual Free Cash Flow and Consolidated C1 Cash Cost (net by-product credits) based on the first 25 years of commercial production, estimates based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag.

   6

4. C1 Cash Costs assume offsite infrastructure to be funded by a 3rd party and is included in operating costs. Cash costs are the sum of refining costs, third party royalties, and site operating costs, less by-product

credits, all divided by the pounds of sold. C1 Cash Costs (net of by-product credits) is a Non-GAAP measures, please see the section "Cautionary Note Regarding Non-GAAP Measures" below. The Vicuña Project 6

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.

500ktCu

Peak 10-Yr Avg. Cu production

Peak 10-Yr Avg. Au production

800kozAu

20MozAg

10-Yr Avg. Ag production

Vicuña PEA Study Highlights1

Generational asset to support the worlds growing copper demands

Current Life of Mine

+70Years

Stage 2 & 3 Capital Expenditures2

$11.1Bn

Avg. Taxes & Royalties4 - 25 Yr Avg.

$1.0Bn/yr

AISC3,4 - 25 Yr Avg. ($/lb Cu)

$0.47/lb

Taxes & Royalties4 - LOM

$69Bn

1. Please see cautionary statement regarding the Preliminary Economic Assessment on page 2 of this presentation.

2. Growth Capital Expenditures includes Stage 2 - Filo Oxides and Stage 3 - Filo Sulphides and Mill Expansion.

   7

   7

3. All-in sustaining costs are the sum of refining costs, third party royalties, site operating costs, sustaining capital costs, and closure capital costs less by-product credits, all divided by the pounds of sold. C1 Cash Costs (net of by-product credits) and all-in sustaining costs (net of by-product credits) are Non-GAAP measures, please see the section "Cautionary Note Regarding Non-GAAP Measures" below. 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.

4. Based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag.

Leverage to Commodity Prices

Commodity Prices

NPV8%of +$28B at spot prices discounted to the start of construction and $45B at the start of operations1,2

Lundin Mining Corporate Presentation 2026

1. Spot estimates based on the following commodity prices: $6.00/lb Cu, $5,000/oz Au and $80/oz Ag.

   8

2. On a 100% basis. Payback period from January 1, 2030 and includes stages 2 & 3.

IRR 12.7% | 9.4 yr payback

After-tax NPV8%($B)2

$30.0

$25.0

$20.0

$15.0

$10.0

$5.0

$-

$3.1

IRR 10.4 % | 11.0 yr payback

$4.00/lb Cu

$2,800/oz Au

$30/oz Ag

$6.3

$6.00/lb Cu

$5,000/oz Au

$80/oz Ag

$4.25/lb Cu

$3,100/oz Au

$35/oz Ag

$G.5

IRR 14.8% | 8.4 yr payback

$4.60/lb Cu

$3,300/oz Au

$40/oz Ag

$15.1

IRR 18.2% | 7.3 yr payback

$5.00/lb Cu

$4,000/oz Au

$45/oz Ag

$21.6

IRR 21.9% | 6.3 yr payback

$5.50/lb Cu

$4,500/oz Au

$60/oz Ag

$28.8

IRR 25.5% | 5.4 yr payback

Production Profile - By Stages

+70-year LOM, 25-year average annual production of 400 kt Cu/yr at a ($0.20)/lb Cu Cash Cost1.2,3

1000

G00 800

Recovered Copper Eq (CuEq kt)

700

600

500

400

300

200

400 kt Cu

227

404

355

534 512

643

511

700 kt CuEq

61G

656

730

657

55G

7G1

761

808

G34

871

808

6G4

612

853

G50

G1G

858

G83

835

100

0

Year

2030 2031 2032 2033 2034 2035 2036 2037 2038 203G 2040 2041 2042 2043 2044 2045 2046 2047 2048 204G 2050 2051 2052 2053 2054 2055

Stage 1 Stage 2 Stage 3

1. On a 100% basis. First 25 years of commercial production beginning in the first full year of operations. 10-year average peak production years defined as 2045 - 2054

2. Copper equivalent (CuEq kt) based on production after recoveries and based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed in this presentation for reference.

3. C1 Cash Costs (net by-product credits) are non-GAAP measures. C1 Cash Costs assume offsite infrastructure to be funded by a 3rd party and are included in operating costs. Please see

Lundin Mining Corporate Presentation 2026

the section "Non-GAAP Measures" in this presentation, and the section "Non-GAAP and Other Performance Measures" in Lundin Mining's MD&A for the three and nine months ended September 9

30, 2025, which is incorporated by reference herein.

Production Profile - By Deposit

10-year peak average annual production of over 500 kt copper, 800 koz gold and 20 Moz silver1,2

1,000

G00

Recovered Copper Eq (CuEq kt)

800

700

643

656

61G

730

657

7G1

761

808

G34

871

808

6G4

612

853

G50 G1G

858

G83

835

1.50%

Copper Eq Head Grade (CuEq %)

1.00%

600

500

400

300

200

227

355 404

534

512

511

55G

0.89% CuEq

0.50%

100

0

2030 2031 2032 2033 2034 2035 2036 2037 2038 203G 2040 2041 2042 2043 2044 2045 2046 2047 2048 204G 2050 2051 2052 2053 2054 2055

Josemaria Copper Josemaria Gold Josemaria Silver Filo Copper Filo Gold Filo Silver Copper Eq Grade (CuEq %)

0.00%

Production Units 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055

Copper kt 115 200 218 276 287 291 244 276 307 329 370 325 347 417 473 515 528 502 396 373 515 564 582 551 550 443

Gold koz 325 458 531 643 479 432 494 555 784 829 768 639 687 778 825 785 819 773 643 562 809 930 837 744 1,111 852

Silver Moz 1 2 3 12 17 54 27 41 24 33 9 7 56 23 17 41 20 14 23 14 19 21 16 17 18 29

10

1. On a 100% basis. First 25 years of commercial production beginning in the first full year of operations. 10-year average peak production years defined as 2045 - 2054

   Lundin Mining Corporate Presentation 2026

2. Copper equivalent (CuEq kt) based on production after recoveries and based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed in this

   presentation for reference.

3. Copper equivalent head grade based on contained metals prior to processing divided by concentrator and heap leach feed. Based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag.

   
   
   

   Top Copper Producers

   Vicuña has the potential to be a top five producer on a CuEq basis for the first twenty-five years of its mine life and one of the lowest-cost copper mining complexes in the world

   2024 CuEq Production (kt)1,2,3 2024 Copper Cash Costs ($/lb Cu)1,3

   Grasberg

KGHM Polska

Escondida

Cerro Verde

Tenke Fungurume

400 ktpa 700 ktpa

Vicuna: 25-Year Avg

Collahuasi

Kamoa-Kaklua

KGHM Poland

Collahuasi

Antamina

Escondida

Tenke Fungurume

Buenavista

Buenavista

Antamina

Cerro Verde

($0.20)

Vicuna: 25 Year Avg

Kamoa-Kakula

Grasberg

0 500 1000 1500 -$1.00 $0.00 $1.00 $2.00 $3.00

Cu (kt) CuEq ByProducts (kt)

Lundin Mining Corporate Presentation 2026

1. For illustrative purposes only to show relative ranking. List not exhaustive, based on resource data from S&P Capital IQ and Company disclosure. Refer to the Appendices for more information.

2. 2024 Copper equivalent (CuEq kt) production estimates based on the following commodity prices : $4.60/lb Cu, $3,300/oz Au $40/oz Ag, $20/lb Mo, $1.26/lb Zn and $11.80/lb Co.

   11

3. Vicuña is at at PEA stage and viability has not been proven. 100% basis. First 25 years of commercial production beginning in the first full year of operations. CuEq and C1 Cash Cost estimate based on the following commodity prices:$4.60/lb Cu, $3,300/oz Au and $40/oz Ag. C1 Cash Costs assume offsite infrastructure to be funded by a 3rd party and are included in operating costs

   
   
   

   Production: Top 10 Copper, Gold and Silver Mines

   Only mine with the potential to rank in the top 5 for annual copper, gold and silver production1

   Lundin Mining Corporate Presentation 2026

   1. Vicuña is at at PEA stage and viability has not been proven. On a 100% basis. First 25 years of commercial production beginning in the first full year of operations. 10-Year average peak

      12

      production year defined as 2045 - 2054.

   2. For illustrative purposes only to show relative ranking. List not exhaustive, based on data from S&P Capital IQ and Company disclosure. Production numbers based on 2024 results in kt copper, koz gold and Moz silver.

1,800

1,200

600

0

700

800

Top Gold Mines

2024 Au Production (koz)2

Grasberg Olimpiada

Carlin Vicuna: 10-Year Peak

Ahafo Cortez

Vicuna: 25-Year Avg

Loulo Kibali Detour Lake

Malartic

Tasiast

Top Silver Mines

2024 Ag Production (Moz)2

KGHM Poland

Penasquito Vicuna: 25-Year Avg Vicuna: 10-Year Avg

Juanicipio Saucito San Julian Antamina

Uchucchacua

Fresnillo Greens Creek Garpenberg

22

20

0

10

20

30

40

50

Top Copper Mines

2024 Cu Production (kt)2

Escondida Grasberg Collahuasi

Vicuna: 10-Year Peak Tenke Fungurume Kamoa-Kakula Buenavista

Cerro Verde Antamina KGHM Poland

Vicuna: 25 -Year Avg

Norilsk Kola

500

400

0

400

800

1,200

The Largest Development Project

Vicuña is the largest and lowest cost development project in the world1

Lundin Mining Corporate Presentation 2026

1. For illustrative purposes only to show relative ranking. List not exhaustive, based on data from S&P Capital IQ, Woodmac and Company disclosure at various different commodity prices. See also the "Cautionary Statement on Forward-Looking Information" slide.

   -

2. CuEq production based on the following commodity prices: $4.60/lb Cu, $3300/oz Au, $40/oz Ag, and $20/lb Mo.

3. Vicuña C1 Cash costs based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. C1 Cash Costs assume offsite infrastructure to be funded by a 3rd party

   and are included in operating costs. C1 Cash Costs are non-GAAP measures. Please see the section "Non-GAAP Measures" in this presentation, and the section "Non-GAAP and 13

   Other Performance Measures" in Lundin Mining's MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference herein.

4. Projects include El Arco, El Pachon, La Granja, Los Azules, NuevaUnion, Pebble, Reko Diq, Resolution, Taca Taca and Warintza.

$2.00

$1.50

$1.00

($0.20)

$0.00 $0.50

Project 7

Project 10

Project 4

Project 5

Project 8 Project G Project 2

Project 3

Project 1

Project 6 Vicuna: 25 Year Avg

-$0.50

C1 Cash Costs ($/lb Cu)1,3

CuEq Annual Production (ktpa)1,2

Vicuna: 25 Year Avg

Project 1

Project 2

Project 3

Project 4

Project 5

Project 6

Project 7

Project 8 Project G Project 10

400

700 ktpa

Cu Ktpa

CuEq Ktpa

200

400

600

800

Low-Cost Mine

Vicuña has the potential to be one of the lowest cost copper mines globally1,2,3

Lundin Mining Corporate Presentation 2026

1. Indicative projection. Based on the first 25 years of commercial production beginning in the first full year of operations. See also the "Cautionary Statement on Forward-Looking Information" slide.

2. For illustrative purposes only to show relative ranking. List not exhaustive, based on data from Woodmac and Company disclosure.

   14

3. Vicuña C1 Cash costs based on the following commodity prices: $4.60/lb Cu, $3300/oz Au and $40/oz Ag. C1 Cash Costs assume offsite infrastructure to be funded by a 3rd party and are included in operating costs. C1 Cash Costs are non-GAAP measures. Please see the section "Non-GAAP Measures" in this presentation, and the section "Non-GAAP and Other Performance Measures" in Lundin Mining's MD&A for the three and nine months ended September 30, 2025, which is incorporated by reference herein.

100.0%

75.0%

50.0%

Cumulative Production (%)

25.0%

Vicuña LOM Avg.

$0.74/lb Cu3

-¢200

0.0%

¢0

Vicuña 25-year Avg. ($0.20)/lb Cu1,3

¢200

¢400

2024 Global Cash Cost Curve2 - C1 Cash Cost Net By-Product (c/lb. Cu)

¢600

Self-Funding Expansion

Phased approach to manage capital expenditures and self-fund expansions

• Positive free cash flow (net of Stage 2 & 3 capex) in the first full year of operation

  • Stage 1 capital intensity of ~$21,000/t CuEq

Free Cash Flow1,2 ($B)

after Stage 2 & 3 capex

Stage 2 Construction

$0.5 $0.4

Stage 3 Construction

$1.2 $1.1 $1.1

$2.0

$3.0 $3.0

$2.6

$2.1

Year

Stage 2 & 3 Capex ($B)

-$1.0

2030 2031 2032 2033 2034 2035 2036 2037 2038 203G 2040

$1.G $1.5 $1.5 $1.8 $1.7 $1.3 $0.G $0.4 $0.0 $- $-

1. Annual Free Cash Flow inclusive of sustaining and Stage 1, 2 and 3 capital expenditures. 2030 includes capital expenditure from both Stage 1 and Stage 2. 100% basis. 15

   Lundin Mining Corporate Presentation 2026

2. Annual Free Cash Flow estimates based on the following commodity prices: $4.60/lb Cu, $3,300/oz Au and $40/oz Ag.

Large Investment Incentive Scheme ("RIGI")

Vicuña submitted application for RIGI under Long Term Strategic Export (PEELP) designation in Dec 2025

	Existing Tax Law	RIGI1	RIGI PEELP1
Minimum Investment	N/A	$200M (40% capex in the first 2 yrs post approval)	$2B (20% capex in the first 2 yrs post approval)
Income Tax	35%	25%	25%
Dividend Tax	7%	7% (yrs 1 - 7), 3.5% in yr 8	7% (yrs 1 - 7), 3.5% in yr 8
Export Duties	4.5%	0% after yr 3	0% after yr 2
VAT on Investments	Long period for VAT credit refunds	Immediate via tax credit	Immediate via tax credit
FX Controls	Obligation to repatriate proceeds into Country through local FX market	No restrictions after 4 yrs	No restrictions after 3 yrs
Stability	N/A	30 years	40 years

Lundin Mining Corporate Presentation 2026 1. Tax regime applicable to mineralized material from Argentina 16

Infrastructure Build Out

Desalination plant, pipeline, concentrate pipeline and roaster

• The Study assumes the desalination plant, water pipeline, concentrate pipeline and roaster would be financed in a separate 3rd party infrastructure company

• Financial costs were included as operating costs with an assumed margin and capital payback

  Candelaria Port

• Infrastructure build-out can support other district mines in the region

Lundin Mining Corporate Presentation 2026 17

Benefits to Argentina and Chile

Creating shared value and prioritizing sustainable development

• Vicuña will be one of the largest foreign direct investments into Argentina

• Build local supplier capacity and businesses to support operations

• Average employment of +5,500 direct workers and 19,000 indirect workers

• Direct Investment of $7.1Bn for Stage 1

• Meaningful infrastructure investment in Chile to support employment and economic benefits

Lundin Mining Corporate Presentation 2026 18

Updated Mineral

Resource Estimate

Increase of 12% M&I and 28% Inferred in contained copper

NEW Vicuña Mineral Resource Estimate

Significant growth since last resource, added 8.6 Mt copper, 16.6 Moz gold and 313 Moz silver

in contained metal

Copper

Gold

Silver

28

M&I Increase

12%

12% 11%

Inferred Increase

% 26% 30%

Lundin Mining Corporate Presentation 2026

1. On a 100% basis, Vicuña includes Josemaria and Filo del Sol deposits. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. There is no certainty that all or any part of the estimated Mineral Resources will be

20

20

converted into Mineral Reserves. Please also refer to slides entitled "2026 Vicuña District - Mineral Resource Estimate" at the end of this presentation for more information, including respective metal grades and quantities.