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

Executive Summary

• Lundin Mining reports a 37% increase in Measured & Indicated copper resources to 28,372 kt (48.2 Moz Au, 812 Moz Ag) and updates its Proven & Probable reserves to 6,347 kt of copper.
• The resource boost is driven primarily by the updated estimate at Filo del Sol; offsets include divestitures of Eagle, Neves‑Corvo and Zinkgruvan mines.
• Ongoing drilling at Caserones (Angélica target) and Chapada’s Saúva area is expected to convert additional resources into reserves by year‑end.

Key Details

• Measured & Indicated Resources (100% basis): 28,372 kt Cu, 48.2 Moz Au, 812 Moz Ag; total tonnage 8,193 Mt at 0.35 % Cu, 0.18 g/t Au, 3.08 g/t Ag.
• Proven & Probable Reserves (100% basis): 6,347 kt Cu, 4.2 Moz Au, 27.0 Moz Ag; 1,939 Mt at 0.33 % Cu, 0.07 g/t Au, 0.43 g/t Ag.
• Resource Growth Drivers: Updated Filo del Sol resource (Feb 16 2026) added significant tonnage and grade; other assets saw modest changes.
• Reserve Reductions: Net -40 kt Cu due to de‑classification of reserves at Filo del Sol and Josemaria, and the sale of Eagle Mine (Jan 9 2026).
• Divestitures Impact: Sale of Eagle Mine removed 10,872 kt Cu resources; sales of Neves‑Corvo and Zinkgruvan previously reduced overall resource base.
• Exploration Highlights 2025:
• Candelaria – 7,642 m drilled (underground & open pit).
• Caserones – 18,908 m diamond drilling (focus on Angélica).
• Chapada – 12,507 m drilling (Saúva area).
• Future Plans: Technical report for Chapada expected before year‑end; maiden resource estimate at Caserones’ Angélica target anticipated next year.
• Metal Price Assumptions Used: Cu $4.43/lb (resources), $3.85/lb (reserves); Au $2,185/oz (resources), $1,900/oz (reserves); Ag $25/oz (reserves).

Notable Quotes

“This year, the Company significantly expanded its Mineral Resource base, reinforcing the strength of our portfolio and the upside ahead.” – Jack Lundin, President & CEO

All figures are presented as disclosed by Lundin Mining and are subject to NI 43‑101 standards.