Capital Markets Day Highlights Strong FCF Outlook and Internal Growth Pipeline

Research evidence excerpt

Capital Markets Day Highlights Strong FCF Outlook and Internal Growth Pipeline

Metals & Minerals

Lundin Mining Corp.

TD SECURITIES INC. - CANADA COMPANY UPDATE

June 17, 2026

Price: C$38.73 (06/17/2026) Capital Markets Day Highlights Strong FCF

Price Target: C$44.00 Outlook and Internal Growth Pipeline

BUY (1)

ESG SCORE: 57/100

Craig Hutchison, P. Eng^ THE TD COWEN INSIGHT

416 982 3474

LUN hosted its Capital Markets Day, which highlighted both near-term and near-mine

craig.hutchison@tdsecurities.com

opportunities including Saúva, cathode upside at Caserones along with exploration potential.

Ernad Sijercic, CFA^ In our view, the key takeaway is LUN's strong FCF profile which solidly positions the company

416 307 8932 to grow its copper production by >50% over the next decade to ~500kt, with the expected

ernad.sijercic@tdsecurities.com

sanctioning of Vicuña later this year.

Key Data

Symbol TSX: LUN-T Impact: SLIGHTLY POSITIVE

12-Month Div (Est.): C$0.11

No material changes to guidance. The company lowered its 2026 C1 cash costs for Chapada

Beta: 2.06

to $0.75-0.95/lb (previously $1.00-1.20/lb), which is now closer to our estimate of $0.57/lb

12-Month Total

13.9% reflecting reduced diesel taxes in Brazil along with higher gold prices. Overall '26 productionReturn:

52-Week Range: C$44.41-C$13.64 and cash costs were unchanged at 310-335kt and $1.90-$2.10/lb as the lower costs at

Market Cap: C$33.1B Chapada are being offset by diesel and other input cost pressures. The company increased

Net Debt (MM): C$(75.6) '26 growth capex by $35mm to include the sanctioning of a ball mill at Chapada ahead of

Cash/Share: C$1.52 the planned future production from Saúva in H1/29.

Dil. Shares Out (MM): 860.8 Targeting further improvements at Caserones oxides, exploration upside across the