Message from Adam, Jack and William Lundin

Year-end is an occasion to reflect on 2024’s notable achievements and, even more importantly, demonstrate how strongly we are positioned for the future.

Our sustainable growth is founded on a simple and bold vision: To seek out opportunities of scale to unlock meaningful value for all stakeholders. Think big, surround yourself with great talent, be accountable, pursue excellence across all disciplines and deliver on your promise. This culture served our grandfather Adolf Lundin and father Lukas Lundin in building the beginnings of the Lundin Group and continues today.

2024 was a transformative year for the Lundin Group. Of note:

• Lundin Mining posted record copper production in 2024. At the same time, through a new joint venture partnership with BHP, Lundin Mining is on the cusp of building a new mining complex in the Vicuña District to serve the world’s growing copper needs for years to come.
• Lundin Gold achieved record annual gold production at Fruta Del Norte (FDN) this past year and empowered its future by eliminating all debt and discovering a new mineralized zone that could completely transform FDN from a world-class mine to a district.
• Lucara Diamond garnered international news coverage mid-year for recoveries of the world’s second-largest diamond and other large, high-value stones. What also merits headlines: these extraordinary stones are associated with a specific zone that Lucara’s underground expansion will track.
• International Petroleum continued to repurchase shares and maintain operational excellence while advancing its transformational growth project at the Blackrod asset in Alberta, Canada.

We also welcomed three new companies to the Lundin Group: Montage Gold, Fireweed Metals and Faraday Copper. Each of these companies has significant value to unlock and future potential; each has demonstrated their early promise in a relatively short time frame.

As you are receiving this letter, you may be a shareholder of one or more of Lundin Group companies. If so, thank you for your continued support.

We also welcomed three new companies to the Lundin Group: Montage Gold, Fireweed Metals and Faraday Copper. Each of these companies has significant value to unlock and future potential; each has demonstrated their early promise in a relatively short time frame.

As you are receiving this letter, you may be a shareholder of one or more of Lundin Group companies. If so, thank you for your continued support.

For those new to Lundin Group’s story, we comprise a global portfolio of publicly traded companies in the minerals, metals, renewables and energy sectors. Our asset focus is simple: in-demand and essential commodities. We believe responsible resource development is the best catalyst for creating meaningful and lasting value – a legacy – for shareholders and communities alike.

Read our full letter for highlights from this past year in creating meaningful value, both today and looking forward: 2024 Year in Review