Lundin Mining Corporation · TSX:LUN
Lundin Mining — Bank of America 2022 Global Metals, Mining & Steel Conference
32 slides from Lundin Mining's conference presentation, May 17, 2022
Slide 1: Bank of America 2022 Global Metals, Mining & Steel Conference
Bank of America 2022 Global Metals, Mining & Steel Conference May 17 th – 19th, 2022 TSX: LUN Nasdaq Stockholm: LUMI Candelaria, Atacama Region, Chile
Slide 2: Cautionary Statements
Cautionary Statements Caution Regarding Forward-Looking Information and Non-GAAP Performance Measures Certain of the statements made and information contained herein is “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of hi
Slide 3: Lundin Mining: Our Strategy
Lundin Mining Our Strategy Operate, upgrade and grow a base metals portfolio that provides leading returns for our shareholders throughout the cycle • copper dominant Zinkgruvan • competitive cost position Eagle Zinc-Lead-Copper in Sweden Nickel-Copper-PGMs in U.S.A. • low-risk mining jurisdictions
Slide 4: Responsible Mining
Responsible Mining • sustainability performance reported in a comprehensive, standalone document since 2010 • prepared in accordance with the Global Reporting Initiative (GRI) Standards and broadly mapped against the Sustainability Accounting Standards Board (SASB) Metals & Mining Standard • continu
Slide 5: Responsible Mining
Responsible Mining ✓ best-ever annual TRIF rate in 2021 of 0.54 Total Recordable Injury Frequency per 200,000 person hours worked ✓ leading ISS Environment & Social Quality Scores ✓ CDP score of ‘B’, above industry and North American averages 2.5 ✓ trend of decreasing energy intensity and GHG emissi
Slide 6: Copper is Vital to Society
Copper is Vital to Society • constructive demand and supply outlook for the Mt base metals Lundin Mining produces 40 Base Case Production Capability • positive copper outlook is largely driven by the Probable Projects metal’s importance in the energy transition and 35 inelastic mine supply Possible
Slide 7: Q1/22 Summary Results
Q1/22 Summary Results Production Payable Sales 65,081 t of copper 64,879 t of copper 32,391 t of zinc 27,504 t of zinc 34,000 oz of gold 36,000 oz of gold 4,281 t of nickel 3,267 t of nickel 7,521 t of lead 5,607 t of lead Over $990M in Sales Other 3% Gold Sweden 6% 9% Nickel USA 11% 15% Chile Zinc
Slide 8: Q1/22 Financial Highlights
Q1/22 Financial Highlights Realized Metal Prices1,2 Q1/22 Q1/21 Δ Copper $4.94/lb $4.20/lb 18% Zinc $1.96/lb $1.27/lb 54% Gold $1,959/oz $1,598/oz 23% Nickel $15.17/lb $7.79/lb 95% Summary Financial Results2 Q1/22 Q1/21 Δ Revenue $991M $682M 45% Gross Profit $479M $787M $253M 89% $345M $135M 156% At
Slide 9: Josemaria
Josemaria Meaningfully Increasing Copper and Gold Growth Profile • completed acquisition of Josemaria Resources Inc. April 28, 2022 • project received Environmental Social Impact Assessment April 11, 2022 • commercial agreements and securing of additional sectoral permits are ongoing • progressing t
Slide 10: Candelaria
Candelaria Delivering on Plan • Q1/22 production of 39,503 t of copper and approximately 22,000 oz of gold at cash Copper, Gold Production & Cash Cost Outlook2 cost1 of $1.58/lb of copper in-line with plan (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) • production to be modestly w
Slide 11: Chapada
Chapada Q1/22 Impacted by Significant Rainfall and Omicron Wave Copper, Gold Production & Cash Cost Outlook1 • Q1/22 production of 10,100 t of copper and 12,000 oz of gold at a cash cost of $1.82/lb of copper (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) • mining activities and or
Slide 12: Copper-Gold Saúva Discovery at Chapada
Copper-Gold Saúva Discovery at Chapada 1 • located approximately 15 km north of Chapada mine • exploration concession was prioritized and acquired in 2021 federal auction process • first two drill holes confirmed presence of shallow high-grade copper-gold mineralization • nearly 23,200 m of drilling
Slide 13: Saúva Copper-Gold System
Saúva Copper-Gold System1 FOR-142: 33.59 m at 0.62% Cu and 0.71 g/t Au or 1.14% CuEq, from 17.21 m N including: 20.99 m at 0.81% Cu and 1.03 g/t Au or 1.56% CuEq, from 17.21 m and: 16.00 m at 0.47% Cu and 0.41 g/t Au or 0.77% CuEq, from 217.00 m including: 7.03 m at 0.67% Cu and 0.73 g/t Au or 1.20%
Slide 14: Eagle
Eagle Robust Operating Performance & Cash Generation • Q1/22 production of 4,281 t of nickel and 4,420 t of copper at a first-quartile cash Nickel, Copper Production & Cash Cost Outlook1 cost of negative $1.25/lb nickel (kt & $/lb Ni, net of by-product credits) • production of copper and nickel tren
Slide 15: Eagle East Exploration and Growth
Eagle East Exploration and Growth Eagle East Intrusion Peridotite • Upper Keel zone to be included in 2023 life-of-mine Semi-Massive Sulphide plan with the aim of first ore in H1/24 Massive Sulphide • Q1/22 drilling has extended Eagle East semi-massive Upper Keel Zone sulphide mineralization by 57-8
Slide 16: Neves-Corvo
Neves-Corvo Zinc Expansion Project Ramping Up Copper, Zinc Production & Cash Cost Outlook1 • Q1/22 production of 9,860 t of copper, 14,751 t of zinc and 793 t of lead at a cash (kt & $/lb Cu, net of by-product credits) cost of $1.70/lb copper • copper and zinc production are tracking well to annual
Slide 17: Zinkgruvan
Zinkgruvan Strong Performance Zinc Production & Cash Cost Outlook1 • Q1/22 production of 17,640 t of zinc, 1,198 t of copper and 6,728 t of lead at a cash (kt & $/lb Zn, net of by-product credits) cost of $0.27/lb of zinc in-line with plan and tracking to guidance • both mine and mill continue to pe
Slide 18: High Quality Competitive Mines, Meaningful Scale & Growth, Financial Strength
High Quality Competitive Mines Meaningful Scale & Growth Oriented Financial Strength www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI
Slide 19: 2022 Guidance Summary
2022 Guidance Summary1 Production (contained metal in conc.) Cash Cost2 Capital Expenditures ($M) Copper (t) Candelaria (100%) 155,000 - 165,000 $1.553 Sustaining Capital Candelaria (100% basis) 370 Chapada 53,000 - 58,000 $1.603 Eagle 15,000 - 18,000 Chapada 65 Neves-Corvo 33,000 - 38,000 $1.803 Ea
Slide 20: Responsible Mining: Tailings Management
Responsible Mining Tailings Management • employ a comprehensive and integrated approach to tailings management. This provides confidence that potential environmental and social impacts can be reliably identified and minimized • our Responsible Mining Policy and Responsible Mining Management System (
Slide 21: Responsible Mining: Climate Change, Energy and GHG Emissions
Responsible Mining Climate Change, Energy and CHG Emissions • recognize the need for effective approaches to managing climate-related responsibilities, especially in consideration of the remote locations in which we operate, the energy-intensive nature of our industry, and the sometimes-limited avai
Slide 22: Responsible Mining: Water Stewardship
Responsible Mining Water Stewardship • continue to make water stewardship gains, achieving measurable reductions in freshwater use and increases in water re-use in 2020 • committed to improvements in water assessment and management practices, evaluating water-use efficiency, initiatives to prevent u
Slide 23: Candelaria Complex – Mineral Resources and Mineral Reserves
Candelaria Complex – Mineral Resources and Mineral Reserves1 Ownership 80% Location Region III, Chile Mine life +20 years 2022 exploration budget $15M P&P Copper Mineral Reserves 3,583 kt contained (675,574 kt at 0.53%) M&I Copper Mineral Resources 7,854 kt contained (1,244,543 kt at 0.63%) Inferred
Slide 24: Chapada – Mineral Resources and Mineral Reserves
Chapada – Mineral Resources and Mineral Reserves1 Ownership 100% Location Goiás State, Brazil Mine life +30 years 2022 exploration budget $10M P&P Copper Mineral Reserves 1,710 kt contained (754,870 kt at 0.23%) M&I Copper Mineral Resources 2,508 kt contained (1,075,009 kt at 0.23%) Inferred Copper
Slide 25: Eagle Mine – Mineral Resources and Mineral Reserves
Eagle Mine – Mineral Resources and Mineral Reserves1 Ownership 100% Location Michigan, USA Mine life 4 years 2022 exploration budget $2M P&P Nickel Mineral Reserves 77 kt contained (3,280 kt at 2.4%) M&I Nickel Mineral Resources 83 kt contained (3,055 kt at 2.7%) P&P Copper Mineral Reserves 64 kt co
Slide 26: Neves-Corvo – Mineral Resources and Mineral Reserves
Neves-Corvo – Mineral Resources and Mineral Reserves1 Ownership 100% Location Alentejo region, Portugal Mine life +10 years 2022 exploration budget $8M P&P Zinc Mineral Reserves 1,858 kt contained (24,774 kt at 7.5%) M&I Zinc Mineral Resources 4,702 kt contained (68,352 kt at 6.9%) Inferred Zinc Min
Slide 27: Zinkgruvan – Mineral Resources and Mineral Reserves
Zinkgruvan – Mineral Resources and Mineral Reserves1 Ownership 100% Location Askersund, Sweden Mine life +10 years 2022 exploration budget $5M P&P Zinc Mineral Reserves 808 kt contained (10,270 kt at 7.9%) M&I Zinc Mineral Resources 1,644 kt contained (20,338 kt at 8.1%) Inferred Zinc Mineral Resour
Slide 28: District Potential & First Mover Advantage
District Potential & First Mover Advantage Lundin Mining Candelaria Copper Complex, Chile Las Pailas Porphyry Copper-Gold-Silver Prospect • potential to further increase value over the longer-term leveraging Lundin Mining’s copper-focused exploration expertise • Josemaria is positioned to be the pot
Slide 29: Josemaria Mineral Reserves Support Long Life
Josemaria Mineral Reserves 1 Support Long Life Mineral Reserve Statement Long Section of Pit Phase Designs Contained Metal Tonnes Copper Gold Silver Copper Gold Silver Category (Mt) % g/t g/t (M lb) (M oz) (M oz) Proven 197 0.43 0.34 1.33 1,844 2.14 8.43 Probable 815 0.27 0.19 0.85 4,861 4.87 22.29
Slide 30: Josemaria Mineral Resources Offer Upside Potential
Josemaria Mineral Resources 1 Offer Upside Potential Sulphide Mineral Resource Statement at 0.1% Copper Equivalent Cut-Off Oxide Mineral Resource Statement at 0.2 g/t Gold Cut-Off Contained Metal Contained Metal Tonnes Copper Gold Silver Copper Gold Silver Tonnes Gold Silver Gold Silver Category (Mt
Slide 31: NI 43-101 Compliance
NI 43-101 Compliance Unless otherwise indicated, Lundin Mining Corporation (the “Company”) has prepared the technical information in this presentation including Mineral Reserve and Mineral Resource estimates (“Technical Information”) based on information contained in the technical reports and news r
Slide 32: www.lundinmining.com TSX: LUN Nasdaq Stockholm: LUMI
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI
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