Lundin Mining Pre-Announces Items Impacting the Fourth Quarter and Full Year 2025 Results
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NEWS RELEASE
Lundin Mining Pre-Announces Items Impacting the Fourth Quarter and Full Year
2025 Results
Vancouver, January 28, 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 earnings 1 and adjusted
earnings per share 1 for the three months ending December 31, 2025. Unless otherwise stated, dollar amounts
are presented in United States dollars (“USD”) and are unaudited.
Revenue and Provisional Pricing Adjustments
Revenue in the fourth quarter 2025 is expected to be positively impacted by unaudited provisional pricing
adjustments on prior period concentrate sales of approximately $83 million on a pre-tax basis. These adjustments
primarily include upward adjustments in relation to prior period copper and gold sales.
Foreign Exchange and Derivatives
Items of significant impact in the fourth quarter 2025 are expected to include unaudited realized losses on
commodity derivative contracts of approximately $16 million, primarily related to gold collar contracts. Unaudited
realized foreign exchange losses in the fourth quarter 2025 are not expected to be significant.
In the fourth quarter 2025 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 gain of approximately $8 million on a pre -tax basis related to the mark -to-market
valuation of the Company’s unexpired derivative contracts, primarily due to strengthening Chilean peso against
the USD during the quarter. Unaudited unrealized foreign exchange losses are not expected to be significant.
Other Items
The Company anticipates to recognize other unaudited significant items impacting the fourth quarter 2025
earnings from continuing operations totaling a net positive impact to earnings of approximately $450 million. The
items include a non-cash deferred tax recovery at Caserones following a reassessment of the estimated utilization
of accumulated tax losses, partially offset by a non-cash write-down of long-term stockpile inventories at Chapada
as a result of mine plan changes deprioritizing the timing of processing of stockpiles. These amounts will be
excluded from adjusted EBITDA, adjusted earnings, and adjusted earnings per share.
Earnings from discontinued operations in the fourth quarter 2025 are expected to be positively impacted by
unaudited realized and unrealized gain s on contingent consideration related to the sale of the European
operations and an unaudited non -cash reversal of impairment at Eagle, totaling approximately $ 100 million.
These amounts will be excluded from adjusted EBITDA, adjusted earnings, and adjusted earnings per share.
Fourth Quarter and Full Year 2025 Results Conference Call and Webcast Details
The Company will release its fourth quarter 2025 operations and financial results after market close on Thursday,
February 19, 2026, and will hold a webcast and conference call on Friday, February 20, 2026 to present the results.
Webcast and conference call details are provided below.
1 These measures 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 simil ar 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 three and nine months ended September 30, 2025 which is available on SEDAR+ at www.sedarplus.com.
Webcast / Conference Call Details:
Date: Friday, February 20, 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
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
January 28, 2026 at 14:30 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 fourth
quarter and annual results, 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 expectations for other economic, business, and/or competitive
factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “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 and the realization of synergies
and economies of scale in connection therewith; th at the political environment in which the Company operates will continue to support the development
and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable
by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and exp ected developments,
such information is inherently subject to significant business, economic and competitive uncertainties and cont ingencies. Known and unknown factors
could cause 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: dependen ce 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 rela ted to permitting and approvals,
nationalization or ex propriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; ri sks
relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable;
risks relating to tailings and waste management facilities; risks relating to the Company’s indebtedness; challenges and conf licts that may arise in
partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production
stoppages or reputational damage in the jurisdictions in which the Company operates or elsewhere ; the impact of global financial conditions, market
volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water ma nagement; exposure to greater
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; any breach
or failure of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administr ative proceedings
which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; 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;
the exclusive jurisdiction of foreign courts; t he outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to
maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the Company’s relationship with its
employees and contractors; the Company’s Mineral Reserves and Mineral Resources which are estimates only; payment of dividend s in the future;
compliance with environmental, health and safety laws and regulations, including changes to such laws or regul ations; asset values being subject to
impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; interests of significant
shareholders of the Company; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares
being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating
to the Company's internal controls; counterparty and customer concentration risk; 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 expectatio ns related thereto; and
other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties” section of the C ompany’s MD&A for the three
and nine months ended September 30, 2025 and the “Risks and Uncertain ties” section of the Company’s Annual Information Form for the year ended
December 31, 2024, 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 iden tify
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 i s not exhaustive of all factors
and assumptions which may have been used. Should o ne 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 o f the date of this document. The
Company disclaims any intention 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 applicable law.