Lundin Mining Announces 2025 Production Results and 2026 Guidance
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NEWS RELEASE
Lundin Mining Announces 2025 Production Results and 2026 Guidance
Vancouver, BC, January 21, 2026 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) is pleased to announce production results for the year ended December 31, 2025. The
Company achieved guidance on all metals for the year on a consolidated basis . This represents the third
consecutive year that Lundin Mining has achieved consolidated production guidance, reinforcing the Company’s
commitment to operational and financial consistency.
In addition, the Company is pleased to release production guidance for the three-year period from 2026 through
2028, as well as cash cost, capital and exploration expenditure guidance for 2026. Unless otherwise stated, all
numbers are in US dollars.
Jack Lundin, President and CEO, commented “I am proud to report that Lundin Mining has delivered
production in line with guidance for the third consecutive year, reflecting the accuracy of our planning cycle and
our disciplined focus on operational consistency. In the fourth quarter, we produced over 87,000 tonnes of
copper and over 34,000 ounces of gold, capping a strong year across our three Latin American operations.
Notably, Caserones produced over 15,000 tonnes of copper in December 2025, marking the best monthly
performance since Lundin Mining took ownership of the operation.
“Looking ahead, our three -year production and one year cos t outlook remains firmly on track with previously
disclosed forecasts. Mine sequencing optimizations are expected to increase copper production by 20,000 tonnes
in 2027, while the midpoint of 2026 has been adjusted by 5,000 tonnes, resulting in a net increase of
approximately 15,000 tonnes over the two -year period. Operationally, we remain focused on delivering
consistent performance through disciplined planning, which we believe will translate into stronger financial
returns in a robust commodity price environment.
“Brownfield growth initiatives across our operations continue to progress, and the advancement of the Vicuña
project remains on track. With the RIGI PEELP application submitted in December, the integrated technical report
results forthcoming this quarter, and continued progress on upsizing our credit facility, 2026 is shaping up to be
a pivotal year as Vicuña moves into an exciting new phase of development.”
Highlights for 2025 Production and 2026 – 2028 Guidance
2025 Production Results
The Company beat original 1 copper production guidance and was within the revised copper, gold and nickel
production guidance for the year.
• 2025 full year production results (100% basis):
o Copper production of 331,232 tonnes (t);
o Gold production of 141,859 ounces (oz);
o Nickel production at Eagle of 9,907 t;
• During Q4 202 5, Caserones achieved its highest quarterly consolidated copper production since the
Company has owned the mine, producing 39,612 tonnes, driven by higher copper head grades and
cathode production.
1 Guidance as announced by news release "Lundin Mining Announces Record Production Results for 2024 & Provides 2025 Guidance" dated January 16, 2025.
Guidance
• Updated three-year production guidance remains in line with previous 2026 and 2027 guidance2. The
company forecasts 2026 consolidated copper production of 3 10,000 to 3 35,000 tonnes and gold
production of 134,000 to 149,000 ounces at a cash cost guidance3 of $1.90/lb to $2.10/lb.
• Forecasted consolidated copper production of 315,000 to 340,000 tonnes in 2027 and 290,000 to 315,000
tonnes in 2028.
• Sustaining capital expenditures4 of $550 million and expansionary capital expenditures4 of $445 million
in 2026.
• Exploration expenditures are forecast to be $53 million primarily for in -mine and near-mine targets in
2026.
Summary of 2025 Production
The Company exceeded its original2 full year consolidated copper production guidance and was within the
increased5 full year production guidance for 2025. Strong operational performance, particularly at Caserones
drove production growth for the year.
Candelaria produced 145,471 tonnes of copper for the full year, benefiting from higher mill throughput due to
softer ore.
Since Lundin Mining has owned the mine, Caserones achieved its highest quarterly copper production of 39,612
tonnes in the fourth quarter of 2025, supported by higher head grades and strong cathode production. For the
full year, Caserones produced 132,881 tonnes surpassing original guidance.
Full year copper production at Chapada was 43,9 74 tonnes, which benefited from consistent grades and strong
throughput during the year.
Q4 2025
Production
FY 2025
Production
2025 Original
Guidance2
2025 Revised
Guidance5
Copper (t)
Candelaria (100% basis) 34,272 145,471 140,000 - 150,000 143,000 - 149,000
Caserones (100% basis) 39,612 132,881 115,000 - 125,000 127,000 - 133,000
Chapada 11,191 43,974 40,000 - 45,000 40,000 - 45,000
Eagle 1,957 8,906 8,000 - 10,000 9,000 - 10,000
Total Copper 87,032 331,232 303,000 - 330,000 319,000 - 337,000
Gold (oz)
Candelaria (100% basis)6 19,055 80,528 78,000 - 88,000 78,000 - 84,000
Chapada 15,074 61,331 57,000 - 62,000 57,000 - 62,000
Total Gold 34,129 141,859 135,000 - 150,000 135,000 - 146,000
Nickel (t)
Eagle 2,174 9,907 8,000 - 11,000 9,000 - 11,000
Total Nickel 2,174 9,907 8,000 - 11,000 9,000 - 11,000
2 Guidance as announced by news release "Lundin Mining Announces Record Production Results for 2024 & Provides 2025 Guidance" dated January 16, 2025.
3 This is a non-GAAP measure. For equivalent historical non-GAAP financial measure comparatives see the Historical Non-GAAP Measure Comparatives section of this
press release. Please also see the Management’s Discussion and Analysis for the year ended December 31, 2024 and nine months ended September 30, 2025.
4 Sustaining capital expenditure is a supplementary financial measure and expansionary capital expenditure is a non-GAAP measure - see the Company’s
Management’s Discussion and Analysis for the three and nine months ended September 30, 2025 and the Historical Non-GAAP Measure Comparatives at the end of
this news release.
5 Guidance as most recently disclosed in the Company’s Management Discussion and Analysis for the three and nine months ended September 30, 2025.
Three-Year Production Guidance 2026 - 2028
Copper production is forecast to remain stable at approximately 3 10,000 to 3 35,000 tonnes annually in 2026,
consistent with 2025 production, after accounting for the sale of the Eagle Mine to Talon Metals Corp. (see press
release dated January 9, 2026 entitled “Lundin Mining Completes the Sale of the Eagle Mine and Humboldt Mill
to Talon Metals”).
Mine plan updates at the Company’s Candelaria operation result in modifications to the previous 2026 guidance.
At Candelaria, 2026 copper and gold production guidance reflects lower underground mining rates in the first
half of the year as the Company insources the underground mining contract.
The outlook for consolidated copper production in 2027 increases compared to the previous 2027 guidance from
higher forecast production at Candelaria , Caserones and Chapada resulting in an increase to the cumulative
consolidated copper production over 2026 and 2027 by 15,000 tonnes when compared to the previous guidance
during the same period and based on the midpoint of the guidance ranges, after accounting for the sale of the
Eagle Mine.
Gold guidance for 2026 is forecast to be 134,000 to 149,000 ounces which reflects lower underground mining
rates at Candelaria as mentioned previously . In 2027, gold production is expected to increase by approximately
10,000 ounces year-on-year, driven by higher production at Chapada, resulting in the cumulative consolidated
gold production over 2026 and 2027 to remain essentially flat when compared to the previous guidance and
based on the midpoint of the guidance ranges.
Production Guidance 2026 2027 2028
Copper (t)
Candelaria (100% basis) 135,000 - 145,000 157,000 - 167,000 135,000 - 145,000
Caserones (100% basis) 130,000 - 140,000 115,000 - 125,000 115,000 - 125,000
Chapada 45,000 - 50,000 43,000 - 48,000 40,000 - 45,000
Total Copper 310,000 - 335,000 315,000 - 340,000 290,000 - 315,000
Gold (oz)
Candelaria (100% basis) 6 77,000 - 87,000 85,000 - 95,000 75,000 - 85,000
Chapada 57,000 - 62,000 58,000 - 63,000 57,000 - 62,000
Total Gold 134,000 - 149,000 143,000 - 158,000 132,000 - 147,000
Candelaria: Annual fluctuations in copper and gold production forecasts for the next three years are primarily
due to variations in the grade profile of Candelaria.
Revisions to Candelaria’s 2026 copper and gold production guidance incorporates lower underground mining
rates in the first half of the year as the Company insources the underground mining contract. The production
profile is forecast to be modestly weighted towards the second half of the year due to higher expected grades
from Phase 12.
Higher copper production of approximately 7,000 tonnes in 2027 when compared to the previous 2027 guidance,
results from revised ore sequencing and additional higher-grade ore from Phase 11.
Over the three-year guidance period, total mill throughput averages approximately 29 million tonnes per annum
(“Mtpa”), slightly higher than previous years due to an improved ore hardness model that accounts for softer ore
from Phase 11.
Caserones: Copper production in 2026 is modestly weighted toward the first half of the year due to the planned
grade profile. As part of the mine sequencing, 2027 and 2028 production profiles reflect anticipated lower copper
head-grades following the completion of Phase 6 in early 2027.
6 68% of Candelaria’s total gold and silver production is subject to a streaming agreement.
Caserones copper guidance in 2027 increases by ~10,000 tonnes to 115,000 to 125,000 tonnes when compared
to the previous 2027 guidance, as a result of higher cathode production and increased mill throughput.
Over the guidance period, mill throughput is expected to rise to approximately 34–36 Mtpa, supported by ongoing
Full Potential initiatives. Cathode production is expected to improve from optimization efforts implemented in
2025 and is forecast to be 26,000–28,000 tonnes per annum (“tpa”) over the period, an improvement of 6,000 –
8,000 tpa from prior levels.
Chapada: Copper production guidance increases by ~5,000 tonnes in 2026 to 45,000 to 50,000 tonnes and gold
guidance is increased by approximately 10,000 ounces in 2027 as compared to the previous 2026 and 2027
guidance, respectively. Annual variations largely reflect mine sequencing and forecasted copper and gold grade
profiles. An updated mine plan has reduced the proportion of stockpile material in mill feed from ~25% to ~10%,
improving copper and gold recoveries over the three-year period.
2026 Cash Cost7 Guidance
Consolidated cash cost in 202 6 is forecast to be within $ 1.90 to $2.10 per pound of copper, net of by -product
credits. As part of the company’s Full Potential programs, the focus will continue to be on cost reductions and
process improvements. Total cash cost guidance for 2026 is in line with 2025 guidance.
2026 cash cost guidance reflects higher by-product credits primarily from an increase in gold and molybdenum
commodity price assumptions offset by a stronger Chilean Peso.
Candelaria: Cash cost guidance is forecast to be $ 2.05/lb – $2.25/lb of copper, after by -product credits. Lower
production volumes and foreign exchange rates led to a slight increase in cash cost compared to 2025 guidance.
During the fourth quarter 2025, Lundin Mining successfully negotiated a new three-year labour agreement with
the unions at Candelaria, a negotiation which originally was scheduled for 2026.
Caserones: Cash cost is expected to decline in 2026 (as compared to the revised 2025 guidance) and are forecast
to be $2.05/lb – $2.25/lb of copper, after by-product credits, reflecting higher low-cost cathode production.
Chapada: Cash cost is forecast to be $1. 00/lb – $1.20/lb of copper in 202 6, after by -product credits , a slight
increase from the prior year. This is the result of higher mining rates in 2026, partially offset by higher by-product
credits.
7 This is a non-GAAP measure. For equivalent historical non-GAAP financial measure comparatives see the Historical Non-GAAP Measure Comparatives section of this
press release. Please also see the Management’s Discussion and Analysis for the year ended December 31, 2024 and nine months ended September 30, 2025.
8 2026 cash cost is based on various assumptions and estimates, including, but not limited to: production volumes, commodity prices (2026 - Mo: $20.00/lb, Au:
$4,000/oz: Ag: $80.00/oz) foreign currency exchange rates (2025 - CLP/USD:900, USD/BRL:5.50) and operating costs.
9 68% of Candelaria’s total gold and silver production are subject to a streaming agreement and as such cash costs are calculated based on receipt of $437/oz and
$4.36/oz, respectively, on gold and silver sales in the year.
10 Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements
are reflected in copper revenue and will impact realized price per pound.
Cash Cost 20268
Copper
Candelaria9 $2.05/lb - $2.25/lb
Caserones $2.05lb - $2.25/lb
Chapada10 $1.00/lb - $1.20/lb
Consolidated C1 Cash Cost $1.90/lb - $2.10/lb
2026 Capital Expenditure Guidance
Total sustaining capital expenditure s11 are forecast to be $550 million, consistent with prior years’ guidance.
Candelaria and Caserones account for approximately 80% of the sustaining capital budget , with the majority of
expenditures directed to open pit waste stripping, underground mine development, tailings storage facility (“TSF”)
and mining equipment. Expansionary capital expenditures11 are forecast to be $445 million and includes 50% of
the expenditure related to the 50/50 joint arrangement between the Company and BHP for the Vicuña Project.
Capital Expenditures ($ millions) 202611,12
Sustaining Capital
Candelaria (100% basis) $215
Caserones (100% basis) $235
Chapada $100
Total Sustaining Capital $550
Expansionary Capital $50
Vicuña (50% basis) $395
Total Capital Expenditures $995
Candelaria ($215 million): Capitalized waste stripping and underground mine development is forecast to be $60
million and TSF expenditures are forecast to be $40 million. Capital expenditure for mobile and mine equipment
is forecast to be $20 million, and the remaining sustaining capital requirements are estimated at $95 million.
Expansionary capital is estimated to be $35 million, which includes approximately $25 million for pre-production
stripping related to Phase 13.
Caserones ($235 million): Includes approximately $70 million for capitalized waste stripping, $50 million for TSF
and water management projects, and $ 50 million for mine and mobile equipment. Sustaining capital
requirements beyond these items are estimated at approximately $65 million.
Chapada ($100 million): Includes approximately $30 million for capitalized waste, $38 million for TSF and water
management projects, and $16 million for mine and mobile equipment.
Vicuña ($395 million): Capital expenditures for the Vicuña project are forecast to total $ 395 million on a 50%
basis for 202 6. The 2026 workplan includes activities such as ongoing resource and infill drilling, equipment
purchases for Josemaria to support earthworks, procurement of long lead equipment and the advancement of
the Northern Access Road. Indirect activities, primarily related to Josemaria, inclu de detailed engineering,
construction management and preconstruction work associated with camp expansi on, construction facilities,
permitting and other owner’s costs to support continued project de -risking. Additional engineering studies will
advance Filo leaching, Filo sulfides, desalinated water infrastructure and concentrate transportation to further
refine project definition and support permitting activities.
A 50,000 metre (m) drill program is planned at Filo del Sol , the program will focus on resource conversion and
growth, as well as drilling to support upcoming technical studies.
11 Expansionary capital expenditure is a non-GAAP measure and sustaining capital expenditure is a supplementary financial measure. For historical comparatives see
the Historical Non-GAAP Measure Comparatives section of this press release. Please also see the Management’s Discussion and Analysis for the year ended December
31, 2024 and nine months ended September 30, 2025 for discussion of non-GAAP measures.
12 Capital expenditures are based on various assumptions and estimates, including, but not limited to foreign currency exchange rates (2026 - CLP/USD:900,
USD/BRL:5.50).
Vicuña is targeting completion of an integrated technical report in Q1 2026 which will outline the district’s
development plan and include updated mineral resource estimates for both Filo del Sol and Josemaria.
2026 Exploration Investment Guidance
Exploration expenditures are planned to be $53 million in 2026, primarily for resource expansion at in-mine and
near-mine targets at our operations. The largest portion of the planned expenditure will be at Caserones where
drilling (39,800 m) and geophysical programs are planned. The drill program at Caserones will primarily focus on
defining the size of the Angelica deposit, both in terms of leachable copper resources and the underlying
copper/molybdenum sulphide mineralization, with a planned 26,900 m of drilling. Additional drilling at Caserones
will be directed towards growing the size of the Caserones deposit laterally and testing at least two new district
exploration targets (Centauro and Cordillera). Significant drilling programs are also planned at Candelaria (16,000
m), and Chapada (13,700 m) with the goal of growing resources. At Candelaria drilling is designed to continue
expanding the underground resources, while also growing the shallow La Española deposit and neighboring La
Portuguesa target area. At Chapada additional drilling at Saúva will continue to further define higher grade
resources that will be incorporated into an updated resource estimate later this year.
About Lundin Mining
Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines
in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic
vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy,
which includes advancing one of the world’s largest copper, gold, and silver projects in the Vicuña District on the
border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value
creation through resource growth, operational excellence, and responsible development. The Company’s shares
trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at
www.lundinmining.com.
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 January 21, 2026 at 18:00 Eastern Time.
For Further Information, Please Contact:
Stephen Williams, Vice President, Investor Relations: +1 604 806 3074
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50
Other Information
The scientific and technical information in this press release has been prepared in accordance with the disclosure
standards of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and has been
reviewed and approved by Eduardo A. Cortes, Vice President, Technical Services, a “Qualified Person” under NI
43-101. Mr. Cortes has verified the data disclosed in this release and no limitations were imposed on his
verification process.
Historical Non-GAAP Measure Comparatives
Cash cost and sustaining and expansionary capital expenditures are non-GAAP financial measures and are not
standardized financial measures under generally accepted accounting principles under IFRS and, therefore,
amounts presented may not be comparable to similar data presented by other mining companies. These
amounts are intended to provide additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with IFRS. Please refer to the section titled “Non-
GAAP and Other Performance Measures” in Lundin Mining’s Management’s Discussion and Analysis for the year
ended December 31, 2024 and for the three and nine months ended September 30, 2025, which are incorporated
by reference herein and which are available on SEDAR+ at www.sedarplus.ca.
Cash Cost – Year Ended December 31, 2024
Operations Candelaria Caserones Chapada Eagle Total –
Continuing
Operations
Neves-
Corvo
Zinkgruvan Total –
Discontinued
Operations ($ millions,
unless otherwise
noted)
(Cu) (Cu) (Cu) (Ni) (Cu) (Zn)
Sales volumes
(Contained
metal):
Tonnes 158,017 113,867
39,615 5,662 26,721 68,086
Pounds (000s) 348,367 251,033 87,336 12,483 58,910 150,104
Production costs
1,898.6
1,898,627
445.2
Less: Royalties
and other
(84.5)
(4.8)
1,814.1
440.4
Deduct: By-
product credits2
(504.4) (305.5)
Add: Treatment
and refining
113.6
55.4
Cash cost 603.5 629.6 137.7 52.4
1,423.3 129.1
61.2 190.4
Cash cost per
pound ($/lb)
1.73 2.51 1.58 4.20
2.19
0.41
Capital Expenditures – Year Ended December 31, 2024
($ millions) Sustaining Expansionary Capitalized Interest Total
Candelaria 275.7 — — 275.7
Caserones 144.0 — — 144.0
Chapada 107.8 — — 107.8
Eagle 21.2 — — 21.2
Josemaria — 243.6 14.6 258.2
Other 0.4 — — 0.4
Continuing
Operations
549.1 243.6 14.6 807.3
Neves-Corvo 89.3 — — 89.3
Zinkgruvan 65.7 — — 65.7
Total 704.1 243.6 14.6 962.3
Sustaining capital expenditures is a supplementary financial measure and expansionary capital expenditures is a non -GAAP
measure. See the Management’s Discussion and Analysis for the year ended December 31, 2024, for discussion of non -GAAP
measures heading “Non-GAAP and Other Performance Measures” which is incorporated by reference herein.
Cash Cost – Nine Months Ended September 30, 2025
Continuing Operations Candelaria Caserones Chapada Consolidated Eagle Total –
Continuing
Operations
($ millions, unless
otherwise noted)
(Cu) (Cu) (Cu) (Cu) (Ni)
Sales volumes (Contained
metal):
Tonnes 107,618 93,153 32,627
233,398 5,895
Pounds (000s) 237,257 205,367 71,930
514,554 12,996
Production costs 557.3
607.2 234.9
1,399.4 112.7
1,514.0
Less: Royalties and other (9.5) (32.0) (17.4) (58.9) (12.7) (73.4)
547.8 575.2 217.5 1,340.5 100.0 1,440.6
Deduct: By-product
credits2
(136.3) (108.0) (162.4) (406.7) (66.0) (472.7)
Add: Treatment and
refining 17.3 6.4 4.6 28.3 — 28.3
Cash cost 428.8 473.6 59.7
962.1 34.0
996.2
Cash cost per pound
($/lb)
1.81 2.31 0.83
1.87 2.62
Discontinued Operations1 Neves-Corvo Zinkgruvan Total – Discontinued
Operations ($ millions, unless otherwise noted) (Cu) (Zn)
Sales volumes (Contained metal):
Tonnes 6,745 20,698
Pounds (000s) 14,870 45,631
Production costs 90.2 36.9 127.1
Less: Royalties and other (1.3) — (1.3)
88.9 36.9 125.8
Deduct: By-product credits2 (67.0) (23.3) (90.3)
Add: Treatment and refining 5.4 7.2 12.6
Cash cost 27.3 20.8 48.1
Cash cost per pound ($/lb) 1.84 0.46
1 Discontinued operations results are to April 16, 2025
2 By-product credits are presented net of the associated treatment and refining charges.
Capital Expenditures – Nine Months Ended September 30, 2025
($ millions) Total
Candelaria 21.7
Vicuña 126.0
Expansionary capital investment from
continuing operations
147.7
Candelaria 144.9
Caserones 99.5
Chapada 75.7
Eagle 17.4
Other 0.1
Sustaining capital investment from continuing
operations
337.6