Category: 3. Business

TOKYO — Japan posted a trade deficit for the fifth straight year in 2025, according to government data released Thursday, as exports were hit by U.S. President Donald Trump’s tariffs and a diplomatic rift with neighboring China.

For the full year, Japan logged a 2.65 trillion yen ($17 billion) trade deficit, the Finance Ministry reported in its preliminary data.

That was nearly 53% smaller than the deficit Japan marked the previous year. Exports for the year rose 3.1%, while imports remained about the same on-year, gaining less than 1%.

For the month of December, Japan recorded a 105.7 billion yen ($669 million) trade surplus.

The monthly surplus was 12% smaller than what was racked up a year ago. Imports grew 5.3% from the same month a year ago, while exports grew 5.1%.

By nation, exports to the U.S. declined 11% in December, while exports to Britain, Africa and some other Asian countries rose. Imports from Europe were strong.

The United States has imposed a 15% tariff on most imports from Japan, a reduction from the 25% that Trump initially proposed but an increase from before he took office a year ago.

Another looming concern is the impact on Japanese manufacturing, including automakers, from China’s curbs on exports of rare earths.

The controls were announced by Beijing after Prime Minister Sanae Takaichi suggested a Chinese move on Taiwan could prompt a Japanese military response.

Takaichi has called a snap elections for next month in hopes her party can gain strength in Parliament while she is popular with the public.

Overall, Japan’s economy has held up, despite grumbling from the public about rising prices and stagnant wages. The benchmark Nikkei on the Tokyo Stock Exchange keeps hitting new records.

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Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama

Gujarat, 22 January 2026 – Balaji Wafers, one of India’s largest snack food brands, today announced that it has entered into a definitive agreement to receive a strategic investment from General Atlantic, a leading global investor. Financial terms of the transaction were not disclosed.

Founded in 1981 by the Virani family, Balaji Wafers has grown from a home-based enterprise into one of India’s largest packaged snack brands. The Company has built its brand on the promise of consistent high-quality, taste and availability, which is supported by its continuous investment in automation, supply chain, innovation, as well as its people and channel partners. Balaji Wafers offers a diverse portfolio across Namkeen, Western snacks, potato wafers, noodles, chikki, papad, and confectionery, all of which have been well received by consumers. Over the years, the Company has successfully scaled its operations from its home base in Gujarat to become a leading player across multiple states in India. In addition to its strong domestic presence, Balaji Wafers exports its products to around 25 countries worldwide. 

With General Atlantic’s investment, Balaji Wafers will focus on further strengthening key corporate functions across the Company and accelerating innovation. Drawing on General Atlantic’s global expertise in the food and consumer sectors, the Company plans to accelerate its expansion across India.

Chandubhai Virani, Founder & Chairman at Balaji Wafers, said: “This partnership marks an important milestone in our journey. General Atlantic’s deep understanding of consumer businesses, track record of working with founder families and long-term approach to value creation, align well with our vision for Balaji Wafers.” Keyur Virani, Whole-time Director, added: “General Atlantic’s investment will support our efforts to establish and operate world-class facilities, invest in innovation and build a professional team to help drive the next phase of growth for the Company. We are excited to extend our footprint across India while staying true to the quality and taste that our consumers trust.” 

Shantanu Rastogi, Managing Director and Head of India at General Atlantic, said: “Balaji Wafers is a true Indian success story. The Company has modernised its production capabilities while preserving the flavour and quality that its consumers have grown to love. We see significant growth potential in India’s packaged snacks market as households increasingly seek affordable, convenient and high-quality food products. Balaji Wafers is well positioned to capitalise on this opportunity, and we look forward to partnering with Chandubhai, Keyur and the entire Balaji team as the Company enters its next phase of growth.”

Intensive Fiscal Services Pvt. Ltd. acted as the exclusive advisor to Balaji Wafers. Under the leadership of Mr. D.K. Surana, Intensive Fiscal Services is a leading investment bank in the consumer sector.

The transaction is subject to customary regulatory approvals and is expected to close later in 2026.

About Balaji Wafers

Balaji Wafers is one of India’s largest snack food brands. Headquartered in Gujarat, the company is known for its wide portfolio of high-quality and affordable snack products. Supported by advanced manufacturing facilities, Balaji Wafers has established a robust and expansive retail footprint across multiple regions of India. 

About General Atlantic

General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 830 companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long term value. Guided by the conviction that entrepreneurs can be incredible agents of transformational change, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with and scale innovative businesses around the world. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Sustainable Infrastructure strategies. General Atlantic manages approximately $118 billion in assets under management, inclusive of all strategies, as of September 30, 2025, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

Media Contacts

Balaji Wafers
Jay Sachdev
[email protected]

General Atlantic
Jess Gill
[email protected]

Australian shares shot higher on Thursday to recoup part of their recent losses, after Donald Trump dropped a tariff threat used against European allies amid his pressure campaign to gain control of Greenland.

The de-escalation fuelled a rally in global sharemarkets that flowed into Australia, sending the benchmark S&P/ASX 200 briefly above the 8,860 point mark, before a slight easing.

The US president’s retreat once again rewarded dip buyers, who have ridden the “Trump Always Chickens Out” – or TACO – trade strategy that relies on the American leader backing down from tariff threats after declaring victory.

Trump has said he has a “framework of a future deal” on Greenland, without elaborating.

But, in an interview with Sky News on Wednesday, a member of Denmark’s parliament, Sascha Faxe, has suggested that the deal Donald Trump claims to have struck with Nato over Greenland is “not real”.

“The thing is, there can’t be a deal without having Greenland as part of the negotiations, first of all,” Faxe said.

Veteran financial markets commentator Michael McCarthy said while risk was “building up in the market, all the arrows are pointing up” after the latest easing of geopolitical tension.

“We’ve seen a number of things that in the past could have triggered a very significant correction in the equity market but investors have just shrugged it off,” said McCarthy, from online trading platform Moomoo.

McCarthy cites an outbreak of inflation, serious increase in geopolitical tensions, and risk of a sell off in US bonds as potential triggers for a sustained global equity correction.

A US bond sell off would signal investors have lost faith in US political and economic policies, with reverberations for global markets.

Chris Weston, the head of research at Melbourne-based financial firm Pepperstone, said investors will want to know more about Trump’s framework deal over Greenland’s future before completely discounting further risk in Europe.

“That said, it may not be entirely straightforward – many will want to see the devil in the detail of the deal and the finer details of any agreement, what is truly at stake, and how the deal is articulated from the European side,” Weston said.

Australia’s mineral-tinged share market has been helped by robust commodity prices, with iron ore demand proving resilient and gold and copper trading near record highs.

At the same time, sticky inflation and the growing prospect of a near-term interest rate hike has limited stock market gains.

The ASX momentum paused on Thursday after the release of an Australian jobs report that showed a surge in employment, fuelling the odds of a rate rise as early as next month.

Rising rates are generally bad for stocks, given borrowing costs increase and rival investments like bonds become more attractive.

Australia’s benchmark index was up about 0.6% in afternoon trading on Thursday, representing about $17bn in market value and recouping about half of its losses suffered over the past week.

The Australian dollar has hit a 15-month high against its US equivalent, trading near the US68c mark.

Sumitomo Chemical Receives Clarivate Top 100 Global Innovators 2026 Award
Selected as One of the World’s Top 100 Innovative Companies and Institutions for Five Consecutive Years

Jan. 22, 2026

Sumitomo Chemical has been recognized as a Top 100 Global Innovator 2026 by Clarivate, a global technology information services company. This marks the fifth consecutive year since 2022 that Sumitomo Chemical has received this award. Only three companies from the chemical and materials industry in Japan were ranked among the top 100 this year.

This award is given to the top 100 innovative companies and organizations selected by Clarivate from among companies and organizations worldwide based on its own patent-related data and evaluation criteria. Clarivate bases its evaluation on four factors: influence, success rate, geographic investment, and rarity. Of these, Sumitomo Chemical received particularly high praise in the factor of rarity, which is an indicator of the combination of multiple technologies.

Sumitomo Chemical has strengthened its business competitiveness by combining its unique core technologies and development capabilities of products and applications in organic synthesis, catalyst design, production technology, analytical evaluation, quality control, which it has cultivated over many years. In addition, the Company has also created synergies between different technologies. This award recognizes these technological achievements, as well as the strong patent portfolio Sumitomo Chemical has built by steadily filing and obtaining rights for its achievements globally.

Sumitomo Chemical’s long-term vision is to become an Innovative Solution Provider. It aims to remain a company with a global presence through continuously creating innovative products and technological solutions for societal issues across the fields of food, ICT, healthcare, and the environment, and providing them to society at large. The Company will continue to position intellectual property as an important management resource, and will accelerate the development of new products and technologies that contribute to solving societal issues by further promoting research and development and intellectual property activities, which are the foundation for improving its corporate value.

References

Contact

Sumitomo Chemical Co., Ltd.
Corporate Communications Dept.
https://www.sumitomo-chem.co.jp/english/contact/public/

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US President Donald Trump’s proposal to cap credit card costs would be “an economic disaster”, the boss of one of the world’s biggest banks has warned.

JPMorgan Chase chief executive Jamie Dimon said the plan would remove credit from the majority of Americans and hit restaurants, retailers, travel firms and schools.

Trump this month wrote on Truth Social that interest rates on credit cards should be limited to 10% for one year from 20 January.

The cap has yet to come into force and the president did not say how it might be introduced or whether such a move would be legally enforceable.

Asked about the cap at the World Economic Forum (WEF) in Davos, Dimon said: “It would be an economic disaster, and I’m not making that up because our business… we would survive it by the way.”

He said capping interest rates on credit cards at Trump’s suggested level of 10% would be “drastic” and cut access to credit for 80% of Americans, adding that it is “their back up credit”.

In a dig at senators Bernie Sanders and Elizabeth Warren, who have supported such a cap, he said if Trump did go ahead with the plan, it should be trialled in their respective states of Vermont and Massachusetts.

Dimon added: “The people crying the most won’t be the credit card companies, it will be the restaurants, the retailers, the travel companies, the schools, the municipalities because people will miss their water payments.”

Top JP Morgan executives including Dimon had previously warned that a 10% interest rate cap would severely hurt consumers, adding their voices to criticism of the proposal.

Trump doubled down on his suggestion on Wednesday, telling the business news channel CNBC: “I’ve had calls from credit card companies, people that are friends of mine, actually, and I treat them good.

“I respect them greatly, but they make a lot of money, they got to give people a break.”

US banking associations have said capping interest rates would make it harder for people to access credit and be “devastating” for millions of families and small businesses.

The average interest rate for credit cards in the US is roughly 20%.

In his statement on social media on 13 January, Trump called for a 10% limit, reviving an idea he put forward during his 2024 presidential election campaign.

“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%,” he wrote. “Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies.”

The social media post spooked investors in credit card firms American Express, Visa and Mastercard, while UK bank Barclays also saw its shares dip.

Lundin Mining Announces 2025 Production Results and 2026 Guidance

January 21, 2026

VANCOUVER, BC, Jan. 21, 2026 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) is pleased to announce production results for the year ended December 31, 2025. The Company achieved guidance on all metals for the year on a consolidated basis. This represents the third consecutive year that Lundin Mining has achieved consolidated production guidance, reinforcing the Company’s commitment to operational and financial consistency.

In addition, the Company is pleased to release production guidance for the three-year period from 2026 through 2028, as well as cash cost, capital and exploration expenditure guidance for 2026. Unless otherwise stated, all numbers are in US dollars.

Jack Lundin, President and CEO, commented “I am proud to report that Lundin Mining has delivered production in line with guidance for the third consecutive year, reflecting the accuracy of our planning cycle and our disciplined focus on operational consistency. In the fourth quarter, we produced over 87,000 tonnes of copper and over 34,000 ounces of gold, capping a strong year across our three Latin American operations. Notably, Caserones produced over 15,000 tonnes of copper in December 2025, marking the best monthly performance since Lundin Mining took ownership of the operation.

“Looking ahead, our three-year production and one year cost outlook remains firmly on track with previously disclosed forecasts. Mine sequencing optimizations are expected to increase copper production by 20,000 tonnes in 2027, while the midpoint of 2026 has been adjusted by 5,000 tonnes, resulting in a net increase of approximately 15,000 tonnes over the two-year period. Operationally, we remain focused on delivering consistent performance through disciplined planning, which we believe will translate into stronger financial returns in a robust commodity price environment.

“Brownfield growth initiatives across our operations continue to progress, and the advancement of the Vicuña project remains on track. With the RIGI PEELP application submitted in December, the integrated technical report results forthcoming this quarter, and continued progress on upsizing our credit facility, 2026 is shaping up to be a pivotal year as Vicuña moves into an exciting new phase of development.”

Highlights for 2025 Production and 2026 – 2028 Guidance

2025 Production Results

The Company beat original¹ copper production guidance and was within the revised copper, gold and nickel production guidance for the year.

• 2025 full year production results (100% basis):
  • Copper production of 331,232 tonnes (t);
  • Gold production of 141,859 ounces (oz);
  • Nickel production at Eagle of 9,907 t;
• During Q4 2025, Caserones achieved its highest quarterly consolidated copper production since the Company has owned the mine, producing 39,612 tonnes, driven by higher copper head grades and cathode production.

Guidance

• Updated three-year production guidance remains in line with previous 2026 and 2027 guidance^2. The company forecasts 2026 consolidated copper production of 310,000 to 335,000 tonnes and gold production of 134,000 to 149,000 ounces at a cash cost guidance³ of $1.90/lb to $2.10/lb.
• Forecasted consolidated copper production of 315,000 to 340,000 tonnes in 2027 and 290,000 to 315,000 tonnes in 2028.
• Sustaining capital expenditures⁴ of $550 million and expansionary capital expenditures⁴ of $445 million in 2026.
• Exploration expenditures are forecast to be $53 million primarily for in-mine and near-mine targets in 2026.

Summary of 2025 Production

The Company exceeded its original² full year consolidated copper production guidance and was within the increased⁵ full year production guidance for 2025. Strong operational performance, particularly at Caserones drove production growth for the year.

Candelaria produced 145,471 tonnes of copper for the full year, benefiting from higher mill throughput due to softer ore.

Since Lundin Mining has owned the mine, Caserones achieved its highest quarterly copper production of 39,612 tonnes in the fourth quarter of 2025, supported by higher head grades and strong cathode production. For the full year, Caserones produced 132,881 tonnes surpassing original guidance.

Full year copper production at Chapada was 43,974 tonnes, which benefited from consistent grades and strong throughput during the year.

Three-Year Production Guidance 2026 – 2028

Copper production is forecast to remain stable at approximately 310,000 to 335,000 tonnes annually in 2026, consistent with 2025 production, after accounting for the sale of the Eagle Mine to Talon Metals Corp. (see press release dated January 9, 2026 entitled “Lundin Mining Completes the Sale of the Eagle Mine and Humboldt Mill to Talon Metals”).

Mine plan updates at the Company’s Candelaria operation result in modifications to the previous 2026 guidance. At Candelaria, 2026 copper and gold production guidance reflects lower underground mining rates in the first half of the year as the Company insources the underground mining contract.

The outlook for consolidated copper production in 2027 increases compared to the previous 2027 guidance from higher forecast production at Candelaria, Caserones and Chapada resulting in an increase to the cumulative consolidated copper production over 2026 and 2027 by 15,000 tonnes when compared to the previous guidance during the same period and based on the midpoint of the guidance ranges, after accounting for the sale of the Eagle Mine.

Gold guidance for 2026 is forecast to be 134,000 to 149,000 ounces which reflects lower underground mining rates at Candelaria as mentioned previously. In 2027, gold production is expected to increase by approximately 10,000 ounces year-on-year, driven by higher production at Chapada, resulting in the cumulative consolidated gold production over 2026 and 2027 to remain essentially flat when compared to the previous guidance and based on the midpoint of the guidance ranges.

Candelaria: Annual fluctuations in copper and gold production forecasts for the next three years are primarily due to variations in the grade profile of Candelaria.

Revisions to Candelaria’s 2026 copper and gold production guidance incorporates lower underground mining rates in the first half of the year as the Company insources the underground mining contract. The production profile is forecast to be modestly weighted towards the second half of the year due to higher expected grades from Phase 12.

Higher copper production of approximately 7,000 tonnes in 2027 when compared to the previous 2027 guidance, results from revised ore sequencing and additional higher-grade ore from Phase 11.

Over the three-year guidance period, total mill throughput averages approximately 29 million tonnes per annum (“Mtpa”), slightly higher than previous years due to an improved ore hardness model that accounts for softer ore from Phase 11.

Caserones: Copper production in 2026 is modestly weighted toward the first half of the year due to the planned grade profile. As part of the mine sequencing, 2027 and 2028 production profiles reflect anticipated lower copper head-grades following the completion of Phase 6 in early 2027.

Caserones copper guidance in 2027 increases by ~10,000 tonnes to 115,000 to 125,000 tonnes when compared to the previous 2027 guidance, as a result of higher cathode production and increased mill throughput.

Over the guidance period, mill throughput is expected to rise to approximately 34–36 Mtpa, supported by ongoing Full Potential initiatives. Cathode production is expected to improve from optimization efforts implemented in 2025 and is forecast to be 26,000–28,000 tonnes per annum (“tpa”) over the period, an improvement of 6,000–8,000 tpa from prior levels.

Chapada: Copper production guidance increases by ~5,000 tonnes in 2026 to 45,000 to 50,000 tonnes and gold guidance is increased by approximately 10,000 ounces in 2027 as compared to the previous 2026 and 2027 guidance, respectively. Annual variations largely reflect mine sequencing and forecasted copper and gold grade profiles. An updated mine plan has reduced the proportion of stockpile material in mill feed from ~25% to ~10%, improving copper and gold recoveries over the three-year period.

2026 Cash Cost⁷ Guidance

Consolidated cash cost in 2026 is forecast to be within $1.90 to $2.10 per pound of copper, net of by-product credits. As part of the company’s Full Potential programs, the focus will continue to be on cost reductions and process improvements. Total cash cost guidance for 2026 is in line with 2025 guidance.

2026 cash cost guidance reflects higher by-product credits primarily from an increase in gold and molybdenum commodity price assumptions offset by a stronger Chilean Peso.

Candelaria: Cash cost guidance is forecast to be $2.05/lb – $2.25/lb of copper, after by-product credits. Lower production volumes and foreign exchange rates led to a slight increase in cash cost compared to 2025 guidance.

During the fourth quarter 2025, Lundin Mining successfully negotiated a new three-year labour agreement with the unions at Candelaria, a negotiation which originally was scheduled for 2026.

Caserones: Cash cost is expected to decline in 2026 (as compared to the revised 2025 guidance) and are forecast to be $2.05/lb – $2.25/lb of copper, after by-product credits, reflecting higher low-cost cathode production.

Chapada: Cash cost is forecast to be $1.00/lb – $1.20/lb of copper in 2026, after by-product credits, a slight increase from the prior year. This is the result of higher mining rates in 2026, partially offset by higher by-product credits.

2026 Capital Expenditure Guidance

Total sustaining capital expenditures¹¹ are forecast to be $550 million, consistent with prior years’ guidance. Candelaria and Caserones account for approximately 80% of the sustaining capital budget, with the majority of expenditures directed to open pit waste stripping, underground mine development, tailings storage facility (“TSF”) and mining equipment. Expansionary capital expenditures¹¹ are forecast to be $445 million and includes 50% of the expenditure related to the 50/50 joint arrangement between the Company and BHP for the Vicuña Project.

Candelaria ($215 million): Capitalized waste stripping and underground mine development is forecast to be $60 million and TSF expenditures are forecast to be $40 million. Capital expenditure for mobile and mine equipment is forecast to be $20 million, and the remaining sustaining capital requirements are estimated at $95 million.

Expansionary capital is estimated to be $35 million, which includes approximately $25 million for pre-production stripping related to Phase 13.

Caserones ($235 million): Includes approximately $70 million for capitalized waste stripping, $50 million for TSF and water management projects, and $50 million for mine and mobile equipment. Sustaining capital requirements beyond these items are estimated at approximately $65 million.

Chapada ($100 million): Includes approximately $30 million for capitalized waste, $38 million for TSF and water management projects, and $16 million for mine and mobile equipment.

Vicuña ($395 million): Capital expenditures for the Vicuña project are forecast to total $395 million on a 50% basis for 2026. The 2026 workplan includes activities such as ongoing resource and infill drilling, equipment purchases for Josemaria to support earthworks, procurement of long lead equipment and the advancement of the Northern Access Road. Indirect activities, primarily related to Josemaria, include detailed engineering, construction management and preconstruction work associated with camp expansion, construction facilities, permitting and other owner’s costs to support continued project de-risking. Additional engineering studies will advance Filo leaching, Filo sulfides, desalinated water infrastructure and concentrate transportation to further refine project definition and support permitting activities.

A 50,000 metre (m) drill program is planned at Filo del Sol, the program will focus on resource conversion and growth, as well as drilling to support upcoming technical studies.

Vicuña is targeting completion of an integrated technical report in Q1 2026 which will outline the district’s development plan and include updated mineral resource estimates for both Filo del Sol and Josemaria.

2026 Exploration Investment Guidance

Exploration expenditures are planned to be $53 million in 2026, primarily for resource expansion at in-mine and near-mine targets at our operations. The largest portion of the planned expenditure will be at Caserones where drilling (39,800 m) and geophysical programs are planned. The drill program at Caserones will primarily focus on defining the size of the Angelica deposit, both in terms of leachable copper resources and the underlying copper/molybdenum sulphide mineralization, with a planned 26,900 m of drilling. Additional drilling at Caserones will be directed towards growing the size of the Caserones deposit laterally and testing at least two new district exploration targets (Centauro and Cordillera).  Significant drilling programs are also planned at Candelaria (16,000 m), and Chapada (13,700 m) with the goal of growing resources.  At Candelaria drilling is designed to continue expanding the underground resources, while also growing the shallow La Española deposit and neighboring La Portuguesa target area. At Chapada additional drilling at Saúva will continue to further define higher grade resources that will be incorporated into an updated resource estimate later this year.

About Lundin Mining

Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world’s largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company’s shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on January 21, 2026 at 18:00 Eastern Time.

Other Information

The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and has been reviewed and approved by Eduardo A. Cortes, Vice President, Technical Services, a “Qualified Person” under NI 43-101. Mr. Cortes has verified the data disclosed in this release and no limitations were imposed on his verification process.

Historical Non-GAAP Measure Comparatives

Cash cost and sustaining and expansionary capital expenditures are non-GAAP financial measures and are not standardized financial measures under generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These amounts are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the section titled “Non-GAAP and Other Performance Measures” in Lundin Mining’s Management’s Discussion and Analysis for the year ended December 31, 2024 and for the three and nine months ended September 30, 2025, which are incorporated by reference herein and which are available on SEDAR+ at www.sedarplus.ca.

Cash Cost – Year Ended December 31, 2024

Capital Expenditures – Year Ended December 31, 2024

Cash Cost – Nine Months Ended September 30, 2025

 

Capital Expenditures – Nine Months Ended September 30, 2025

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company’s plans, prospects, business strategies and strategic vision and aspirations, and their achievement and timing; the Company’s guidance on the timing and amount of future production and its expectations regarding operational performance and the results of operations; the Company’s guidance and expectations regarding financial performance, including estimated capital expenditures and other costs, expenditures and financial metrics; the Company’s growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof; approval of the RIGI application in Argentina for the Vicuña Project and the timing thereof; the operation of Vicuña with BHP; the realization of synergies and economies of scale in the Vicuña district; the timing and expectations for studies and updated estimates; permitting requirements and timelines; timing and possible outcome of pending litigation; the results and timing of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; the step down of the gold stream at Candelaria and the impacts and timing thereof; anticipated market prices of metals, currency exchange rates, and interest rates; the Company’s ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities, including potential outcomes, results, impacts and timing thereof; the Company’s integration of acquisitions and expansions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”, “can”, “could”, “should”, “schedule” and similar expressions identify forward-looking information.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals and identify and realize opportunities; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; and such other assumptions as set out herein as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic, political, regulatory and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; operational and financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; volatility and fluctuations in metal and commodity demand and prices; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining (including but not limited to risks to the environment, industrial accidents catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather), not all of which related risk events are insurable; risks relating to geotechnical incidents; risks relating to tailings and waste management facilities; risks relating to the Company’s indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to joint ventures, joint arrangements and operations; risks relating to development projects, including Filo del Sol and Josemaria; project financing risks, liquidity risks and limited financial resources; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in the jurisdictions in which the Company operates or elsewhere; the impact of global financial conditions, market volatility and inflation; availability and pricing of key supplies and services; business interruptions caused by critical infrastructure failures; unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company’s operation in emerging markets; risks relating to community or stakeholder opposition to continued operation, further development, or new development of the Company’s projects and mines; information technology and cybersecurity risks, including any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to disputes, litigation and administrative proceedings (including tax disputes) which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; enforcing legal rights in foreign jurisdictions; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain and comply with all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; the Company’s Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; reputation risks related to negative publicity with respect to the Company or the mining industry in general; risks associated with climate change; the Company’s common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company’s internal controls; counterparty and customer concentration risk;  risks associated with the use of derivatives; exchange rate fluctuations; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; the terms of the contingent payments in respect of the completion of the sale of the Company’s European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the “Risks and Uncertainties” section of the Company’s MD&A for the three and nine months ended September 30, 2025, the “Risks and Uncertainties” section of the Company’s MD&A for the year ended December 31, 2024, and the “Risks and Uncertainties” section of the Company’s Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company’s profile.

All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

SOURCE Lundin Mining Corporation

For Further Information, Please Contact: Stephen Williams, Vice President, Investor Relations: +1 604 806 3074, Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50