Vicuña

• Josemaría and Filo del Sol are part of the Vicuña District (Argentina and Chile), a cluster of 4 known deposits. • In January 2025, Lundin Mining and BHP formalized Vicuña Corp., a 50/50 joint venture to advance the Josemaría and Filo del Sol projects. • Under sectorial permits process. Progress on commercial agreements. Review and update of engineering, construction schedule. Maintenance activities for access and internal roads, expansion of the camp. • In December 2024, the Josemaría project obtained the Environmental Impact Declaration (DIA) resolutions for the North Corridor and the High Voltage Electrical Interconnection Project (PIEAT). The North Corridor will connect Angualasto with the Josemaría Project and will significantly improve site accessibility. The PIEAT will ensure the supply of electrical energy needed for Josemaría. This electrical interconnection, which will connect the Rodeo transformer station with the future transformer station at Josemaría, is essential for the development of the Project and will contribute to strengthening the provincial and national electrical system, as well as the development of new renewable energy generation projects in the region.

The final product will be the copper, gold, and silver concentrate, which will be transported from the mine and exported to refinery plants abroad.

• Josemaria Deposit:
• Measured and Indicated Resources: 6,7 Billion pounds of copper, 7 Moz of gold and 31 Moz of silver
• Filo del Sol deposit: Proven and probable Reserves: 2,226 Billion pounds of copper, 2.764 Moz of gold and 126.028 Moz of silver
• Indicated Resource: 3,108 Billion pounds of copper, 4.439 Moz of gold and 146.86 Moz of silver
• Inferred Resource: 1,056 Billion pounds of copper, 1.832 Moz of gold and 34.76 Moz of silver.

Copper/gold porphyry (Josemaria deposit) & High-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry copper-gold system