Lundin Mining Pre -Announces Items Impacting the First Quarter 2026 Results
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2800-1055 Dunsmuir St
Vancouver, BC, V7X 1L2
Phone: +1 604.689.7842
lundinmining.com
News Release
Lundin Mining Pre -Announces Items Impacting the First
Quarter 2026 Results
Vancouver, April 16, 2026 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the
“Company”) is pre -announcing certain items impacting the Company’s earnings, adjusted earnings before interest, taxes,
depreciation and amortization (“adjusted EBITDA”)1, adjusted earnings1 and adjusted earnings per share1 for the three months
ending March 31, 2026. Unless otherwise stated, dollar amounts are presented in United States dollars and are unaudited.
Revenue and Provisional Pricing Adjustments
Revenue in the first quarter 2026 is expected to be positively impacted by unaudited provisional pricing adjustments on prior
period concentrate sales of approximately $22 million on a pre -tax basis. These adjustments primarily include upward
adjustments in relation to prior period metal sales.
Derivatives and Foreign Exchange
Items of significant impact in the first quarter 2026 are expected to include unaudited realized losses on derivative contracts of
approximately $13 million , primarily related to gold collar contracts. Unaudited realized foreign exchange losses in the first
quarter 2026 are not expected to be significant.
In the first quarter 2026 the Company is expected to recognize certain non-cash items that will impact the Company’s earnings
but not adjusted EBITDA, adjusted earnings or adjusted earnings per share. These include an unaudited unrealized loss of
approximately $10 million on a pre -tax basis related to the mark -to-market valuation of the Company’s unexpired derivative
contracts, primarily due to the revaluation of gold collar contracts. Unaudited unrealized foreign exchange gains are not
expected to be significant.
Discontinued Operations
Earnings from discontinued operations in the first quarter 2026 are expected to be positively impacted by an unaudited gain on
disposal of Eagle mine, totaling approximately $4 million . This amount will be excluded from adjusted EBITDA, adjusted
earnings, and adjusted earnings per share.
The Company received a cash payment from discontinued operations of $5 million during the quarter related to contingent
consideration associated with the disposal of the European operations. This contingent consideration was recognized as
income in the fourth quarter 2025 results.
First Quarter 2026 Results Conference Call and Webcast Details
The Company will release its first quarter 2026 operations and financial results after market close on Wednesday, May 6,
2026, and will hold a webcast and conference call on Thursday, May 7, 2026 to present the results. Webcast and conference
call details are provided below.
Webcast / Conference Call Details:
Date: Thursday, May 7, 2026
Time: 7:00 AM PT | 10:00 AM ET
Listen Only Webcast: WEBCAST LINK
Dial In for Investor & Analyst Q&A: DIAL IN LINK
1 These are non -GAAP measures. 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
year ended December 31, 2025 which is available on SEDAR+ at www.sedarplus.com.
To participate in the call click on the dial in LINK above and complete the online registration form. Once registered you will
receive the dial-in information and a unique PIN to join the call and ask questions.
A replay of the webcast will be available by clicking on the webcast LINK above and will be archived on the Company’s
website for a limited period of time.
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 was submitted for publication, through the agency of the contact persons set out below on April 16, 2026 at
15:00 Pacific 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
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein are “forward -looking information” within the meaning of applicable Canadian securities laws. All
statements other than statements of historical facts included in this document constitute forward -looking information, including but not limited to statements
regarding the Company’s financial results, impacts thereto and the accounting therefor ; expected items of significant impact in the first quarter of 2026 and the
anticipated impact on the Company’s revenue, earnings, adjusted EBITDA, adjusted earnings and adjusted earnings per share ; expected costs; tax matters and
utilization of tax recovery; anticipated market rates of metals; currency exchange rates and interest rates; timing of future disclosures; the Company’s plans,
prospects and business strategies and strategic vision and aspirations and their achievement and timing ; and expectations for other economic, business and/or
competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “bud get”, “estimate”, “may”,
“will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward -looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectatio ns and beliefs of
management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future prices of copper, gold, zinc,
nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions an d the realization of synergies and
economies of scale in connection therewith; that the political environment in which the Company operates will continue to sup port the development and operation
of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considere d reasonable by Lundin Mining as at
the date of this document in light of management’s experience and perception of current conditions and expected developments, such i nformation is inherently
subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could ca use actual results to differ
materially from those projected in the forward -looking information and undue reliance should not be placed on such information. Such factors include, but are not
limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in
operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropria tion without fair compensation,
environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and
legal climate that the Company operates in; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of
which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp -up of the
Company’s projects and operations (including the Vicuña Project); risks relating to tailings and waste rock and leach management facilities; risks relating to the
Company’s indebtedness; risks relating to project financing; the Company’s ability to access capital on acceptable terms if at all; risks related to the credit facility
amendment commitments, including the Company’s ability to satisfy conditions to access additional tranches; challenges and conflicts that may arise in
partnerships and joint operations; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile , Brazil
or Argentina; risks relating to development projects ; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies,
equipment, labour and services; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to grea ter
foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company’s operation in emerging markets; risks relating to
stakeholder opposition to continued operation, further development, or new development of the Company’s projects and mines; reputational risks related to
negative publicity with respect to the Company, its joint venture partner s or the mining industry in general; any breach or failure of information systems; risks
relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to
time (including tax disputes) ; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in
title or termination of mining or exploitation concessions; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for
operation; the Company’s Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to Inferred Mineral Resources being converted
into Measured or Indicated Mineral Resources; risks associated with climate change; risks relating to acquisitions or business arrangements; the exclusive
jurisdiction of foreign courts; changes in the Comp any’s relationship with its employees and contractors; risks relating to dividend payments to shareholders in the
future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders
of the Company; potential for the allegation of fraud and corruption involving the Company, its respective customers, suppliers or employees, or the allegation of
improper or discriminatory employment practices, or human rights violations; asset values being subject to impairment charges; potential for conflicts of interest
and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; the outbreak of infectious diseases or
viruses; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on ke y personnel and reporting and
oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; minor elements contained in concentrate
products; risks associated with the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of
the Company’s European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risks and
Uncertainties” section of the Company’s MD&A for the year ended December 31, 2025 and the “Risks and Uncertainties” section o f the Company’s Annual
Information Form for the year ended December 31, 2025, which are available on SEDAR+ at www.sedarplus.ca under the Company’s profile.
All of the forward -looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from those contained in forward -looking information, there may be other factors that cause results not to
be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of a ll factors and assumptions which may
have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward -looking information. Accordingly, there can be no assurance that forward -looking information will prove to be accurate
and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward -looking information. The
forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any inten tion or obligation to update or revise
forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by ap plicable law.