Year in, year out, we are driven to create meaningful value.

2025 was a successful year across our portfolio both in terms of operational execution and delivering substantial growth. This success is underpinned by a culture that has served the Lundin Group for decades – one that has created positive legacies by unlocking value at scale in the resource space. Our culture is built on an entrepreneurial attitude, a competitive spirit, teamwork and respect for our shareholders, employees and communities where we operate. This culture was first established by our grandfather Adolf and built on by our father Lukas and uncle Ian. Our conviction is to take it to the next level. It is this well-defined culture that makes our success truly enduring.

The resource sector is an always dynamic and sometimes unforgiving industry. Through this challenging environment, we continue to leverage opportunities for growth through all stages of the resource spectrum.

Some highlights, among many, include:

• Explore: NGEx has taken Lunahuasi from an exciting discovery to delineating what may become the Vicuña District’s next copper-gold giant.
• Build: During the construction of its Koné gold mine in Côte d’Ivoire, Montage Gold has defined nine new deposits not included in its feasibility study, with several other targets continuing to progress towards maiden resources.
• Produce: Lundin Mining, Lundin Gold and International Petroleum have maintained operational and financial consistency while advancing their respective transformational growth initiatives that are detailed further below.

We’ve also entered into a new industry vertical: the royalty and streaming space. In mid-December we launched LunR Royalties, allowing us to leverage our network and deal-flow to create new value for shareholders. Adam is Chair, President & CEO of LunR and is complemented by a management team and board featuring some familiar faces from the Lundin Group.

A big part of the continued success of the Lundin Group is the development of leadership aligned with our culture. One key advantage: continuity. In August, Lundin Gold announced its planned leadership transition of Ron Hochstein stepping down after 10 years of transformative leadership in building Fruta del Norte (FDN) – what should be considered the industry’s case study for excellence in mine development and operations. In turn, former Filo Corp. President & CEO Jamie Beck assumed Ron’s role.

Jamie is not new to Lundin Gold, having provided financial analysis and support for the company’s US$240 million acquisition of FDN from Kinross, and later during negotiations on fiscal terms with the Government of Ecuador. In turn, it was announced shortly after that Ron was appointed CEO of Vicuña Corp. where he now works with General Manager Dave Dicaire, who was a key contributor in the build of FDN. Also during the year, Ian Gibbs was appointed President & CEO of Fireweed Metals. Ian brings executive leadership experience from his tenure within the Lundin Group companies where he played a key role in advancing world-class projects such as Filo del Sol, Josemaría, and Fruta del Norte. Most recently, Ian served as CFO of Filo Corp., where he helped guide the company through its transformational transaction with BHP and Lundin Mining.

Read our full letter for highlights from this past year in creating meaningful value: 2025 Year in Review