Slide 1: Second Quarter 2023 Results
Second Quarter 2023 Results August 2, 2023 TSX: LUN Nasdaq Stockholm: LUMI Candelaria, Chile
Slide 2: Cautionary Statements
Cautionary Statements Caution Regarding Forward-Looking Information and Non-IFRS 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: Participants
Participants Peter Rockandel CEO Teitur Poulsen SVP & CFO Juan Andres Morel SVP & COO Caserones team at site 3
Slide 4: Q2/23 Highlights
Q2/23 Highlights • produced approximately 95,000 t of copper-equivalent metal1 during the quarter • production in line with plan; guidance continues to be weighted to H2/23 Operational • Caserones had a strong H1/23 producing almost 70,000 t copper4 Performance • cash cost guidance improved for Chap
Slide 5: Q2/23 Summary Production Results
Q2/23 Summary Production Results Copper Nickel production of over 60 kt production of 4.7 kt 63,930 4,686 61,462 60,057 56,552 4,379 4,096 3,724 • QOQ inline with previous production • 25% increase QOQ • annual guidance of 296-325 kt reiterated1 • higher throughput and grades • annual guidance of 13
Slide 6: Q2/23 Summary Results
Q2/23 Summary Results Metal Mix Realized Prices1 Revenue by Metal Copper Zinc Zinc $3.86/lb $0.31/lb $0.19/lb $1.37/lb $3.37/lb 6% $1.22/lb Copper $2.82/lb $0.19/lb $0.21/lb 66% $0.83/lb Gold 9% Nearly $590M in Revenue Q2/23 Prior Period MTM at Realized Q2/22 Q2/23 Prior Period MTM at Realized Q2/22
Slide 7: Operating and Capital Costs
Operating and Capital Costs Q2/2023 Operating Costs Candelaria Chapada Eagle Neves-Corvo Zinkgruvan Production costs $185M $80M $46M $76M $18M Cash cost1 $2.14/lb of copper $2.69/lb of copper $1.88/lb of nickel $3.99/lb of copper $0.24/lb of zinc Sustaining capex $123M $20M $4M $22M $16M 2023 Capex
Slide 8: Q2/23 Key Financial Metrics
Q2/23 Key Financial Metrics Revenue Adjusted EBITDA1 Adjusted Earnings (Loss)1 of nearly $590M of over $160M $811M $751M $354M $337M $192M $649M $589M $590M $126M $202M $162M $149M $16M Q2/22 $31M ($35M) Q3/22 Q4/22 Q1/23 Q2/23 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Adjusted Ope
Slide 9: Q2/23 Strong Cash Flow from Operations
Q2/23 Strong Cash Flow from Operations Key Changes in Cash $84M $111M $192M $13M $190M $184M $188M $11M $104M $92M Q1/23 Adj.Operating Working Sustaining Expansion Net Debt Shareholder FX & Diesel Interest Paid, Q2/23 EOP Cash Cash Flow Capital Capex Capex Proceeds Dividends Derivatives Op. Leases,
Slide 10: Balance Sheet Remains Solid with Low Leverage
Balance Sheet Remains Solid with Low Leverage Net Debt1 $230M as of June 30, 2023 $2,550M Availability post Acquisition $930M $230M Revolving Credit Facility + and Term Loan June 30, 2023 August 2, 2023 1. These are non-GAAP measures. Please see the Management’s Discussion and Analysis (“MD&A”) for
Slide 11: Meaningful Scale & Material Growth
Cu Meaningful Scale Copper & Material Growth Copper Production Profile3,4 (kt) Caserones Acquisition • large-scale, long-life copper-molybdenum operation Chapada/ CUGEP Sauva • option to acquire additional 19% stake to increase ownership to 70% for $350M • proximity to Candelaria and Josemaria intro
Slide 12: Vicuña District Exploration Potential
Vicuña District Exploration Potential Los Helados • significant potential to further increase value in the district leveraging Lundin Mining’s expertise Chile Argentina • positioned to be the potential center of future development and expansion within the highly prospective district Las Pailas Josem
Slide 13: Mining the metals essential today and for the world's shift to a lower carbon future
Eagle Zinkgruvan Mining the Cu 2022A u/g Zn Cu 2022A 48 kt CuEq3 u/g 10+ years metals essential Ni Ag Co PGM 67 kt CuEq3 4+ years today and for the world’s shift to a lower carbon future Chapada 2022A Neves-Corvo Cu Au o/p Cu Zn 2022A u/g Ag 60 kt CuEq3 30+ years Pb Ag 68 kt CuEq3 10+ years Caserone
Slide 14: www.lundinmining.com
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI
Slide 15: 2023 Guidance
2023 Guidance1 Guidance Revised Guidance Production Production (t, oz; contained metal in conc.) Cash Cost2,3 (t, oz; contained metal in conc.) Cash Cost2,3 Candelaria (100%) 145,000 - 155,000 $1.80 - $1.95 145,000 - 155,000 $1.80 - $1.95 4 Caserones (100%) - H2 60,000 - 65,000 $2.30 - $2.45 60,000
Slide 16: 2023 Guidance
2023 Guidance1 Capital Expenditures1,2 ($M) Sustaining Capital Guidance Revisions Revised Guidance Candelaria (100% basis) 400 (25) 375 Caserones (100% basis)3 - H2 Only 110 - 110 Chapada 70 - 70 Eagle 20 - 20 • $45M to be invested in 2023 exploration programs, including Neves-Corvo 130 - 130 nearly
Slide 17: NI 43-101
NI 43-101 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 releases (co