Lundin Mining Announces Vicuña Integrated Technical Study Results Highlighting a World-Class Mining District

2026-02-16

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VANCOUVER, BC, Feb. 16, 2026/CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation("Lundin Mining" or the "Company") is pleased to announce the results of the integrated technical study (the Preliminary Economic Assessment "PEA" or the "Study") for the Vicuña project (the "Vicuña Project" or the "Project"). The Vicuña Project is comprised of the Filo del Sol deposit and the Josemaria deposit and is held by Vicuña Corp. ("Vicuña"), a 50/50 joint arrangement between Lundin Mining and BHP. Unless otherwise indicated, all dollar amounts are stated in United States dollars ("$") and presented on a 100% basis.

Jack Lundin, President and CEO of Lundin Mining, commented,"The publication of these impressive results marks a significant milestone and a major step towards advancing the Vicuña Project to a sanction decision. The progress achieved since the formation of Vicuña Corp. has been exceptional, and this Study establishes a solid foundation for moving the Project forward while continuing to refine later stages and drive further improvements in cost, schedule, and production.

"The Study outlines a project that would rank among the top five copper, gold, and silver mines globally. A staged development approach provides a disciplined pathway to unlock the full value of the district, enabling sequenced capital deployment, effective risk management, and ongoing optimization while delivering substantial, long-life copper production growth over multiple decades.

"With the announcement on Thursday for commitments to upsize our credit facility to $4.5 billion, Lundin Mining is fully funded for the initial phase of construction, and we remain on course to achieve our goal of becoming a top-ten global copper producer with annual production of over 500,000 tonnes of copper and 550,000 ounces of gold once Vicuña is in full operation."

Study Highlights

The development of the Vicuña district is envisioned in a staged approach. Stage 1 encompasses a sulphide mill and the Josemaria deposit, establishing an initial open pit mine and concentrator designed for future expansion to accelerate first production and early cash flow. Stage 2 builds on this foundation by developing the Filo del Sol leachable oxides and a corresponding SX/EW plant for copper, gold and silver recovery. Stage 3 represents the long-term maturation of the district through expansion of the concentrator and development of the Filo del Sol sulphide deposit, enabling peak, sustained production, positioning the Vicuña Project as a long-life, globally significant copper operation. Stage 3 also integrates key district infrastructure, including a desalination plant and associated pipeline, and return concentrate slurry pipeline, to support expansion of the district.

Potential to be a top five copper, gold, and silver mine:Average annual production of 400,000 tonnes copper, 700,000 ounces ("oz") gold and 22 million ounces ("Moz") silver over the first 25 full years of operation. Peak production of +500 ktpa copper:Average production over a ten-year period of over 500,000 tonnes copper, 800,000 oz gold and 20 Moz silver or 800,000 tonnes copper equivalent1("CuEq"). Multi-generational asset:Initial +70-year life of mine ("LOM"), producing approximately 22.3 million tonnes ("Mt") of copper, 37.2 Moz of gold and 763 Moz of silver. First quartile cost profile:Average cash cost2(net of by-product credits) per pound of copper of negative ($0.20/lb) and an all-in sustaining cost2("AISC") per pound of copper of $0.47/lb (net of by-product credits) over the first 25 full years of operation. Staged development:Enables Vicuña to incorporate ongoing optimization for the later phases of the Project, manage development risk and fund future development through operating cash flow. Significant free cash flow:Average annual free cash flow2of $2.2 billion per year (after expansionary capital) during the first 25 full years of operation. Leveraged to copper and gold:LOM revenue contribution of approximately 60% copper, 32% gold and 8% silver. Capital intensity below $30,000/tonne CuEq:Stage 1 capital of $7.1 billion with an after-tax payback period of 8.4 years3and an after-tax internal rate of return ("IRR") of 14.8% which includes all the stages. Resource growth:The updated Mineral Resource grew significantly compared to the previous estimate4 Contained copper of 14 Mt Measured and Indicated ("M&I") and 32 Mt Inferred. An increase of 12% in contained M&I and 28% Inferred copper. Contained gold of 36 Moz M&I and 61 Moz Inferred. An increase of 12% contained M&I gold and 26% Inferred gold. Contained silver of 729 Moz M&I and 1,051 Moz Inferred. An increase of 11% M&I silver and 30% Inferred silver.

Base-case scenario that establishes a world-class project:Net present value ("NPV8%") of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver. Stage 1 is clearly defined providing a blueprint for initial development, ongoing studies on Stages 2 and 3 are expected to deliver further optimization.

At spot copper, gold and silver prices($6.00/lb copper, $5,000/oz gold and $80/oz silver), the NPV8%increases to $28.8 billion and the IRR to 25.5% with a payback of 5.4 years.

| _ 1Copper equivalent (CuEq) based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed below for reference. |

The Study marks a significant milestone for the Company and our partner BHP, positioning us to make a potential sanctioning decision as early as year-end. Next steps include detailed design and engineering for Stage 1, ramp up of project readiness activities and upgrades to the access road, all of which will advance the Project toward long-life, high-quality copper production while unlocking value across the broader district.

Details of the Vicuña integrated technical study will be presented in a webcast conference call on Tuesday, February 17, 2026 at 7 AM PT | 10 AM ET. Webcast and conference call details are provided below.

Webcast / Conference Call Details: Date: Tuesday, February 17, 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

The Preliminary Economic Assessment was prepared in accordance with National Instrument 43-101 ("NI 43-101") standards on a 100% basis. The base case was completed at a copper price of $4.60/lb, a gold price of $3,300/oz and a silver price of $40/oz.

| _ 2Cash Cost (net of by-product credits),all-in sustaining cost and free cash flow are Non-GAAP measures, please see the section "Cautionary Note Regarding Non-GAAP Measures" below. The Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non-GAAP measures. | | 3Initial capital from the start of 2027 and payback period from the start of 2030. | | 4See news release dated May 4, 2025 and previous technical report entitled "NI 43-101 Technical Report on the Vicuña Project, Argentina and Chile", with an effective date of April 15, 2025 for information with respect to the previous Mineral Resource estimate. The Project is a 50:50 joint venture between Lundin Mining and BHP Canada. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%. |

The PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the Preliminary Economic Assessment will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Vicuña Study Details

Vicuña engaged a consortium of independent consultants, led by Fluor Corporation, a leading global engineering, procurement and construction management (EPCM) firm. Fluor provides professional and technical solutions across energy, chemicals, mining, infrastructure, and government sectors. The Study was supported by additional leading consultants with expertise in various fields, including Ausenco Pty Ltd, Inti Mining Smart Solutions., Knight Piesold Ltd., and SLR Consulting (Canada) Ltd.

The Study envisions a conventional open pit mining and milling operation with a nominal initial nameplate processing capacity of 175,000 tonnes per day ("tpd") (approximately 64.0 million tonnes per annum "Mtpa"), with an anticipated expansion to 293,000 tpd (approximately 107.0 Mtpa). The Study evaluates the recovery of copper, gold, and silver through a conventional process plant that includes crushing, grinding, and flotation to produce a copper concentrate. In the initial years, the concentrator will be fed with mineralization from the Josemaria deposit and then transition over to mineralization from the Filo del Sol deposit providing higher grades. Oxide material overlaying the Filo del Sol deposit is treated separately via a two-stage heap leach process designed to recover copper-rich, copper–gold, and gold-rich minerals. The heap leach circuit will produce high-purity copper cathode and gold doré product.

Table 1. Summary of the Economic Metrics of the Vicuña Study

0.19 g/t gold

1.1 g/t silver | | Filo del Sol oxide head grade (LOM) | 0.24% copper

0.28 g/t gold

17.9 g/t silver | | Filo del Sol sulphide head grade (LOM) | 0.39% copper

0.27 g/t gold

4.6 g/t silver | | Josemaria average recovery (LOM) | 84.4% copper

63.7% gold

58.6% silver | | Filo del Sol oxide recovery (LOM) | 64.5% copper

56.7% gold

75.6% silver | | Filo del Sol sulphide recovery (LOM) | 83.4% copper

59.5% gold

55.8% silver | | Average operating costs (LOM inc. expansion) | Mining – $2.94/t mined

Concentrator & roaster – $7.80/t milled

Leaching – $11.16/t oxide Site Services and water – $3.67/t total throughput

Conc. freight - $1.76/t total throughput

*First 25 years of commercial production beginning in the first full year of operations. Peak production over a 10 year average includes years 16 to 25. Cash cost per pound of copper, operating costs per tonne milled, free cash flow, expansionary capital and AISC per pound of copper are non-GAAP financial measures and sustaining capital is a supplementary financial measure. Please see "Cautionary Note Regarding Non-GAAP Measures".

Table 2. Economic Sensitivities, NPV8% ($B) - Leverage to Copper and Gold Price5

| Copper / Gold Price | $2,800 (oz) | $3,100 (oz) | $3,300 (oz) | $3,500 (oz) | $4,000 (oz) | $4,500 (oz) | | $3.75/lb | $3.1 | $4.4 | $5.3 | $6.2 | $8.3 | $10.5 | | $4.00/lb | $4.4 | $5.7 | $6.5 | $7.4 | $9.6 | $11.7 | | $4.25/lb | $5.6 | $6.9 | $7.8 | $8.7 | $10.8 | $12.9 | | $4.60/lb | $7.4 | $8.7 | $9.5 | $10.4 | $12.5 | $14.7 | | $5.00/lb | $9.4 | $10.7 | $11.5 | $12.4 | $14.5 | $16.7 | | 5.25/lb | $10.6 | $11.9 | $12.8 | $13.6 | $15.8 | $17.9 | | $5.50/lb | $11.9 | $13.1 | $14.0 | $14.8 | $17.0 | $19.1 | | $6.00/lb | $14.3 | $15.6 | $16.5 | $17.3 | $19.5 | $21.6 |

Table 3. Economic Sensitivities, IRR (%) - Leverage to Copper and Gold Price4

| Copper / Gold Price | $2,800 (oz) | $3,100 (oz) | $3,300 (oz) | $3,500 (oz) | $4,000 (oz) | $4,500 (oz) | | 3.75/lb | 10.5 % | 11.5 % | 12.1 % | 12.7 % | 14.2 % | 15.6 % | | $4.00/lb | 11.4 % | 12.3 % | 12.9 % | 13.5 % | 15.0 % | 16.4 % | | $4.25/lb | 12.3 % | 13.1 % | 13.7 % | 14.3 % | 15.7 % | 17.1 % | | $4.60/lb | 13.4 % | 14.3 % | 14.8 % | 15.4 % | 16.7 % | 18.1 % | | $5.00/lb | 14.6 % | 15.5 % | 16.0 % | 16.5 % | 17.9 % | 19.2 % | | 5.25/lb | 15.4 % | 16.2 % | 16.7 % | 17.3 % | 18.6 % | 19.8 % | | $5.50/lb | 16.1 % | 16.9 % | 17.4 % | 17.9 % | 19.2 % | 20.5 % | | $6.00/lb | 17.5 % | 18.3 % | 18.8 % | 19.3 % | 20.5 % | 21.8 % |

Deposit Geology and Mineral Resource

The Vicuña Project area of the central Andes encompasses the crest of the ridge along the Chile-Argentina border and the area eastward into Argentina between the Maricunga belt to the north and the El Indio belt to the south. Regional mineralization in the area is typically related to porphyry and epithermal systems developed during the Late Oligocene to Miocene compressive stages of Andean arc development. The two major deposits thus far discovered on the Vicuña Project are the porphyry-epithermal systems of Filo del Sol and Josemaria.

The Filo del Sol alignment is an approximately 8 kilometre ("km") long, north to northeast trending series of prospects of mid-Miocene porphyry copper-gold and related epithermal mineralization. The Filo del Sol deposit lies along the alignment as an elongate 5.4 km long domain of contiguous mineralization across three zones: An older, more deeply eroded porphyry copper–gold mineralized domain in the Tamberías area; a slightly younger, partly blind to the surface porphyry copper–gold mineralized intrusions in the Aurora zone in the central domain; and deeper mineralization along a northeast trend in the Bonita area in the north. The domains together represent the mineralization around a large hydrothermal breccia centre cored by porphyry intrusions.

The Josemaria deposit area is characterized by a Late Oligocene porphyry copper-gold system, emplaced along a north-trending structural corridor, to the east of Filo del Sol. The system includes disseminated porphyry style mineralization that also saw extreme telescoping and overprinting of the porphyry domain by advanced argillic alteration and related high-sulphidation mineralization. The reconstituted copper mineralization was upgraded in these telescoped domains, which were then additionally enriched through supergene processes when the high-grade part of the system was exposed to surface in modern times.

| _ 5Economic sensitivities use a silver price of $40/oz. |

Vicuña Mineral Resource Highlights

One of the world's largest copper, gold, and silver resources6 Contained copper of 14 Mt M&I and 32 Mt Inferred. Contained gold of 36 Moz M&I and 61 Moz Inferred. Contained silver of 729 Moz M&I and 1,051 Moz Inferred.

Compared to the previous Mineral Resource estimate (see news release dated May 4, 2025), contained metal at Vicuña increased by approximately 23% for copper, 20% for gold, and 21% for silver, reflecting growth across Measured, Indicated, and Inferred resource categories.

The table below summarizes the Mineral Resource estimates for Filo del Sol and Josemaria deposits effective as of October 31, 2025 on a 100% basis. Additional important information is included in the notes following this news release. Table totals may not summate correctly due to rounding.

Table 4. Vicuña Mineral Resource Estimate

| 100% basis | | | | | | | | | | | | | | | Type | Category | Tonnes (Mt) | Cu (%) | Au (g/t) | Ag (g/t) | | Cu (kt) | Au (Moz) | Ag (Moz) | | | | | | Filo del Sol Sulphide | Measured | - | - | - | - | | - | - | - | | | | | | Indicated | 1,733 | 0.46 | 0.34 | 6.0 | | 8,031 | 19.2 | 336 | | | | | | | | M&I | 1,733 | 0.46 | 0.34 | 6.0 | | 8,031 | 19.2 | 336 | | | | | | | Inferred | 8,721 | 0.34 | 0.18 | 2.9 | | 29,683 | 51.5 | 823 | | | | | | Filo del Sol Copper Oxide | Measured | - | - | - | - | | - | - | - | | | | | | Indicated | 467 | 0.32 | 0.27 | 2.5 | | 1,474 | 4.1 | 38 | | | | | | | | M&I | 467 | 0.32 | 0.27 | 2.5 | | 1,474 | 4.1 | 38 | | | | | | | Inferred | 431 | 0.23 | 0.20 | 2.2 | | 982 | 2.7 | 30 | | | | | | Filo del Sol Gold Oxide | Measured | - | - | - | - | | - | - | - | | | | | | Indicated | 301 | - | 0.25 | 2.7 | | - | 2.4 | 26 | | | | | | | | M&I | 301 | - | 0.25 | 2.7 | | - | 2.4 | 26 | | | | | | | Inferred | 711 | - | 0.18 | 3.0 | | - | 4.1 | 69 | | | | | | Filo del Sol Silver Oxide | Measured | - | - | - | - | | - | - | - | | | | | | Indicated | 71 | 0.36 | 0.36 | 119.7 | | 254 | 0.8 | 272 | | | | | | | | M&I | 71 | 0.36 | 0.36 | 119.7 | | 254 | 0.8 | 272 | | | | | | | Inferred | 95 | 0.08 | 0.14 | 35.1 | | 75 | 0.4 | 108 | | | | | | Josemaria | Measured | 648 | 0.33 | 0.25 | 1.2 | | 2,143 | 5.2 | 25 | | | | | | Indicated | 961 | 0.25 | 0.15 | 1.1 | | 2,436 | 4.5 | 33 | | | | | | | | M&I | 1,609 | 0.28 | 0.19 | 1.1 | | 4,579 | 9.7 | 58 | | | | | | | Inferred | 683 | 0.22 | 0.11 | 1.0 | | 1,515 | 2.5 | 22 | | | | | | Vicuña District | Measured | 648 | 0.33 | 0.25 | 1.2 | | 2,143 | 5.2 | 25 | | | | | | Indicated | 3,533 | 0.34 | 0.27 | 6.2 | | 12,195 | 30.9 | 704 | | | | | | | | M&I | 4,181 | 0.34 | 0.27 | 5.4 | | 14,338 | 36.1 | 729 | | | | | | | Inferred | 10,641 | 0.30 | 0.18 | 3.1 | | 32,255 | 61.3 | 1,051 | | | | | | | | | | | | | | | | | | | |

| Notes: | | 1. CIM (2014) definitions were followed for Mineral Resources. | | 2. Mineral Resources are reported on a 100% basis, in situ Mineral Resources are not Reserves do not have demonstrated economic viability. The Project is a 50:50 joint arrangement between Lundin Mining and BHP Canada. Lundin Mining's attributable interest in the Mineral Resource estimate is 50%. | | 3. The Qualified Person for the Filo del Sol estimates is Mr. Luke Evans, M.Sc., P.Eng., an SLR Consulting (Canada) Ltd. employee. The Qualified Person for the Josemaría estimate is Mr. Sean D. Horan, P.Geo., a Resource Modelling Solutions Ltd. employee. | | 4. Mineral Resource estimates for Filo del Sol were constrained within a pit shell with pit slope angles of up to 45o. Metal prices used were US$4.60/lb. copper, US$2,875/oz gold, and US$32.50/oz silver. Net smelter return (NSR) cut-off values and metallurgical recoveries varied by zone, and included:

• Gold Oxide: 73% gold; 63% silver recoveries with an NSR cut-off value of US$10.68/t;

• Copper and Silver Oxide: 67% copper, 63% gold, and 78% silver recoveries with an NSR cut-off value of US$16.58/t;

• Sulphide: 78% copper, 62% gold, and 62% silver recoveries with an NSR cut-off value of $9.84/t.

• Mining cost: $1.64/t (base cost at 4885 m) + incremental costs of $0.049/t/bench below and $0.031/t/bench above

• Processing cost: $7.78/t (gold oxide); $14.13/t (copper and silver oxides); $4.74/t (sulphide)

• Water cost: $2.19/t processed

• Tailing cost: $0.19/t processed

• G&A cost: $1.64/t processed

• Stockpile reclaiming cost: $0.79/t reclaimed

• ROM hauling cost: $0.36/t processed (gold oxide)

• Sustaining mining cost: $0.33/t mined

• Sustaining tailing & mill cost: $1.09/t processed

• Refining costs: $0.07/lb. (copper); $5.0/oz. (gold); $0.5/oz. (silver)

• Treatment costs: $70.0/dmt