Lundin Mining Corp.

• Polaris Capital Management Fourth Quarter 2025 International Equity Composite Commentary ↗ Polaris International Equity Composite credited memory-chip suppliers SK Hynix and Samsung Electronics, power-equipment maker HD Hyundai Electric and several industrial holdings for the quarter. It sold Vipshop, Magna International, Novartis and Sony Financial after target valuations were reached, then deployed proceeds into Alibaba, AIA Group and Ping An Insurance. FOURTH QUARTER 2025 BABA $267B
• Polaris Capital Management Fourth Quarter 2025 Global Equity Composite Commentary ↗ Polaris Global Equity Composite sold Vipshop, Carlyle, Magna, Novartis and Sony Financial after targets were reached, then deployed proceeds into Alibaba, AIA and Ping An to capture Asian e-commerce, cloud and insurance demand. The portfolio favored cash-generative picks-and-shovels businesses and diversification beyond the U.S., citing opportunities in Asian AI supply chains, European industry and financials. FOURTH QUARTER 2025 BABA $267BLNTH $6.5BSKHY $979B +1

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