Vicuna Corp. Applies for RIGI PEELP in Argentina

On December 11, 2025, Lundin Mining announced that its 50%-owned joint venture, Vicuña Corp., has submitted an application for the inclusion of the Vicuña Project (comprising the Josemaria and Filo del Sol deposits) into Argentina's Incentive Regime for Large Investments (RIGI). This application is under the Long-Term Strategic Export Projects (PEELP) designation, making it the first mining project to apply for this specific regime.

The RIGI PEELP framework offers significant long-term benefits crucial for a large-scale, capital-intensive project, including a 40-year period of fiscal stability, lower taxes, the removal of export duties, and accelerated revenue repatriation. An integrated technical report for the Vicuña project is expected in Q1 2026.

The application for RIGI status is a non-financial, but strategically material and positive event. While the application itself does not generate revenue, its potential approval is a critical de-risking milestone for Lundin's flagship growth asset, the Vicuña Project. The primary risk for this multi-billion dollar, multi-decade project has always been the political and fiscal instability inherent in Argentina. Securing a 40-year agreement that locks in fiscal terms would fundamentally improve the project's risk profile and attractiveness for financing.

This news directly follows through on management's commentary from the Q3 2025 earnings call in early November, where they stated the RIGI application was in its final stages. Delivering on this timeline enhances management's credibility. Furthermore, being the first mining project to apply under this new regime suggests strong alignment and collaboration with the Argentinian government, a positive signal for future permitting and development.

This development should be viewed in the context of the company's recent history. After a transformative 2024-2025 period involving the creation of the Vicuña JV with global major BHP and the sale of its European assets to strengthen its balance sheet, Lundin is now methodically executing its growth strategy. While a recent negative headline regarding a 2017 class action lawsuit proceeding to trial (Nov 28, 2025) introduces legal uncertainty, this positive strategic step demonstrates that the company's core long-term value driver is advancing as planned. The ultimate catalyst will be the approval of the RIGI application, but this submission is a necessary and material step forward.

Lundin Mining is a Canadian-based diversified base metals mining company. Following a series of strategic transactions in 2024 and 2025, the company has focused its portfolio on long-life copper assets in the Americas, with operating mines in Chile (Candelaria, Caserones), Brazil (Chapada), and the USA (Eagle Nickel mine).

The company's flagship growth project is the Vicuña Project, located in the Andes mountains on the border of Argentina and Chile. It is held in a 50/50 joint venture, Vicuña Corp., with global mining giant BHP. The project combines two world-class deposits: Josemaria and Filo del Sol. The vision is to develop these adjacent deposits into a multi-generational mining district, which has the potential to transform Lundin Mining into a global top-ten copper producer.