Refreshing the Outlook for the Vicuna Era

Research evidence excerpt

Refreshing the Outlook for the Vicuna Era

June 17, 2026 | 20:14 ET~

Lundin Mining

LUN-TSX Rating Price: Jun-17 Target Total Rtn Metals & Mining

Outperform $38.73 $45.00 16%

Matthew Murphy, CFA Analyst

matthews.murphy@bmo.com (416) 843-3198

Mert Karanfil Associate

Refreshing the Outlook for the Vicuna Era mert.karanfil@bmo.com (416) 568-4832

David Hove, CFA VP Associate

david.hove@bmo.com (416) 355-8767

Bottom Line: Legal Entity: BMO Nesbitt Burns Inc.

LUN's investor day highlighted a company on the path to be a top 10 copper producer

2YR Price Volume Chart

with the balance sheet strength and cash flow profile to embark on its "Vicuna era". 50

Operations have performed well and mine profile updates were generally slightly 40

positive to our model. We continue to see upside to LUN's operations including 30

Candelaria underground expansion, Caserones exploration (including Los Helados 20 15

options), Sauva at Chapada, and further refinement of plans at Vicuna ahead of year- 10

10 5end project sanctioning.

0 0

Dec Jun Dec Jun

Key Points LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

Company Data in C$

Vicuna progressing ahead of formal sanctioning. The project is on track for year-

Dividend $0.11 Shares O/S (mm) 855.6end sanctioning. Recently approved RIGI PEELP provides long duration tax stability;

provincial agreement work is underway. Engineering is expected to be ~50% complete Yield 0.3% Market Cap (mm) $33,138

at sanctioning, with 70–80% completion in critical civil and mechanical areas. SAG and NAV US$16.50 P/NAV 1.7x

ball mill shells have been acquired and bulk earthworks at the process plant have BMO Estimates in $

gotten underway. Over 400 suppliers have been engaged, alongside local hiring and (FY-Dec.) 2024A 2025A 2026E 2027E

training initiatives.