CMD Highlights Organic Growth Strategy

Research evidence excerpt

CMD Highlights Organic Growth Strategy

Canada | Metals & Mining

Lundin Mining EquityJuneResearch17, 2026

ESTIMATE CHANGECMD Highlights Organic Growth Strategy

The key message from Lundin's CMD today was a multi-phase copper growth RATING BUY

strategy combining near-term delivery from brownfield projects with longer- PRICE C$41.25^

term transformational growth in Argentina/Chile (Vicuña JV). The company's PRICE TARGET | % TO PT C$52.00 | +26%

brownfield projects provide lower-risk, capital-efficient production growth and a 52W HIGH-LOW C$45.74 - C$13.37

medium-term uplift in FCF. Lundin believes it can use this FCF to help self-fund FLOAT (%) | ADV MM (USD) 78.7% | 109.62

its share of the transformational, large-scale Vicuña projects. Reiterate Buy. MARKET CAP C$35.4B | $25.3B

TICKER LUN CN

Lundin's Overall Strategy: At its Capital Markets Day, Lundin laid out a well-defined plan to become ^Prior trading day's closing price unless otherwise noted.

a top-10 global copper producer, targeting >500ktpa of copper and ~550koz/yr of gold production

by the mid-2030s. Its strategy relies on three pillars: 1) consistent delivery from core assets, 2)

disciplined capital allocation, and 3) progressing a phased growth pipeline. Management also FY (Dec) CHANGE TO JEFe JEF vs CONS

provided a clear operational outlook over 5- and 10-year horizons. We have updated our model to 2026 2027 2026 2027

reflect this medium/longer-term guidance. REV NA NA NA NA

EPS <1% <1% +2% +8%

Consistent Delivery from Core Assets: Lundin's growth pipeline begins with low-risk, capital-

efficient brownfield expansions across its core assets (Caserones, Candelaria, and Chapada).

2026 ($) Q1A Q2 Q3 Q4 FY

These expansions leverage existing infrastructure, reducing execution risk and capital intensity