Slide 1: Corporate Presentation
TSX: LUN OMX: LUMI Corporate Presentation September 2017 Neves-Corvo, Portugal 1
Slide 2: Cautionary Statements
Cautionary Statements Caution Regarding Forward-Looking Information and Non-GAAP Performance Measures All statements, other than statements of historical fact, made and information contained or incorporated by reference in or made in giving this presentation and responses to questions is "forward-lo
Slide 3: Lundin Mining
Lundin Mining High Quality Meaningful Scale Financial Strength Competitive Mines Growth Oriented - strong margins at all - exploration upside and - proven track record for operations high value expansion rigorous investment projects at all operations approach, focused on - demonstrated operational v
Slide 4: Geographically Diversified
Geographically Diversified Freeport Cobalt1 Cobalt Refinery Zinkgruvan (Finland) Zinc-Lead-Copper (Sweden) Eagle Nickel-Copper-PGMs (USA) Neves-Corvo Copper-Zinc (Portugal) Candelaria2 Copper-Gold-Silver (Chile) 1. Lundin Mining holds an indirect 24% equity stake in the Freeport Cobalt Oy business w
Slide 5: Revenue Breakdown – Q2/17
Revenue Breakdown – Q2/17 Sales of $455M Lead Other 4% 2% Gold 6% Zinkgruvan Nickel 11% 7% Eagle 14% Zinc 14% Neves-Corvo Candelaria Copper 16% 59% 67% By Operation By Metal 5
Slide 6: 2017 Production and Cash Cost Guidance
2017 Production and Cash Cost Guidance Increased production guidance at Candelaria and Eagle; lowered copper guidance at Neves-Corvo; C1 cash cost guidance improved for Eagle Attributable Production1 and C1 Cash Cost2 (kt and $/lb, net of by-products) Previous Guidance Revised Guidance Copper Candel
Slide 7: Balance Sheet Strength and Flexibility
Balance Sheet Strength and Flexibility Cash balance at July 26, 2017 of approximately $2.1B and net cash of approximately $1.1B - closed sale of interest in TF Holdings Limited in April 2017 receiving net proceeds of $1.121B $350M revolving credit facility undrawn Cash and Cash Equivalents (End of Q
Slide 8: Capital Allocation Strategy Focus on Disciplined Growth
Capital Allocation Strategy Focus on Disciplined Growth Invest in high-return brownfield expansion projects and exploration Service regular dividend Prudent and accretive management of bond debt and cash positions Keep flexible balance sheet to move quickly on compelling growth opportunities Conside
Slide 9: 2017 Capital Expenditure and Exploration Guidance
2017 Capital Expenditure and Exploration Guidance Prior Revised Capital Expenditures1 (US$M) Los Diques estimated cost unchanged at $295M Guidance Guidance - $85M remaining in H2/17 and $30M in 2018 Total Capitalized Stripping2 105 110 Los Diques Facility 120 135 Candelaria Other Candelaria Sustaini
Slide 10: Operations & Projects
Operations & Projects 10 Los Diques Construction, Candelaria – June 2, 2017
Slide 11: Responsible Mining
Responsible Mining Safety Performance Environmental Performance TRIF per 200,000 person hours worked - excellent track record and improving performance each year 5.6 - increased reporting and disclosure practices International Green Apple Award for Environmental Best Practice for Galmoy 3.5 Wetlands
Slide 12: Candelaria
Candelaria Copper / Gold / Silver – Region III, Chile 12
Slide 13: Candelaria
Candelaria Q2/17 copper production of 52.8 kt (100% basis) - $1.08/lb copper cash cost - higher production due to higher grades and recoveries Copper Production & Cash Cost (100% basis; kt & $/lb Cu, net of by-product credits) Full-year production guidance increased - 184-188 kt (100% basis) Last Fi
Slide 14: Candelaria Exploration Extension Potential
Candelaria Exploration Extension Potential SW NE Candelaria Pit Candelaria Norte Alcaparrosa Surface Topography 3rd Party Property Section Location Drillhole Trace Alcaparrosa Interpreted Prospective Horizons Santos Candelaria > 0.4 % Cu Drillhole Samples 1,000 m 14 14 Property limits
Slide 15: Candelaria – Los Diques Facility Project
Candelaria – Los Diques Facility Project 15 As at August 4, 2017
Slide 16: Eagle
Eagle Nickel / Copper / PGMs – Michigan, U.S.A. 16
Slide 17: Eagle
Eagle Q2/17 production of 5.8 kt nickel and 5.7 kt copper - first-quartile cash cost of $1.02/lb nickel Nickel, Copper Production & Cash Cost (kt & $/lb Ni, net of by-product credits) 2017 cash cost guidance improved - lowered by 33% to $1.35/lb nickel, from $2.00/lb Last Five Quarters 6.8 - nickel
Slide 18: Eagle and Eagle East Overview
Eagle and Eagle East Overview Existing Access Ramp Eagle Mine Now Advancing Both Declines Eagle East Deposit 1,000 m 18
Slide 19: Neves-Corvo
Neves-Corvo Copper / Zinc – Portugal 19
Slide 20: Neves-Corvo
Neves-Corvo Q2/17 production of 8.1 kt copper and 18 kt zinc Copper, Zinc Production & Cash Cost (kt & $/lb Cu, net of by-product credits) - $1.00/lb copper cash cost unchanged Last Five Quarters - full-year copper production guidance lowered 18.3 17.9 18.0 17.6 15.9 - mine sequencing and complex or
Slide 21: Neves-Corvo Overview
Neves-Corvo Overview Zinc Plant Expansion New Conveyor Ramp 21
Slide 22: Zinc Expansion Project Neves-Corvo
Zinc Expansion Project Neves-Corvo1 - average annual zinc production of approximately 150,000 tpa post Neves-Corvo with ZEP, and Base Case (BC) without ZEP expansion - estimated life of mine C1 cash cost of $0.28/lb copper net of by- product credits, or alternatively, $0.29/lb zinc net of by-product
Slide 23: Zinkgruvan
Zinkgruvan 23 Zinc / Lead / Copper – Sweden
Slide 24: Zinkgruvan
Zinkgruvan Q2/17 production of 18.2 kt zinc - production and cash cost in line with expectations 1350 Zinc Expansion Project Zinc, Lead Production & Cash Cost - overall ~10% mill capacity increased (kt & $/lb Zn, net of by-product credits) commissioned in late Q2/17 on schedule and on budget Last Fi
Slide 25: Exploration areas
Zinkgruvan SO Reta EERO Zinc - Lead ore —~{ __ gy Orebro. 1B Mined out area { 5: © Peloration areas
Slide 26: Lundin Mining
Lundin Mining High Quality Competitive Mines - strong margins at all operations Meaningful Production Scale & Growth - internal growth projects and exploration upside at all operations Financial Strength - from profitable assets run with disciplined capital allocation 26
Slide 27: Appendices
TSX: LUN OMX: LUMI Appendices 27
Slide 28: Candelaria LOM Production Profile
Candelaria LOM Production Profile Copper Production Profile1 (100% basis, kt Cu) 188 171 167 165 165 160 162 129 122 114 111 110 109 99 102 101 93 94 64 38 2016A 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 January 2017 Technical Report At Purchase (
Slide 29: Eagle East – Meaningful Addition to Production Profile
Eagle East – Meaningful Addition to Production Profile Nickel Production Profile1 Copper Production Profile1 (kt) (kt) 25 25 20 20 15 15 10 10 5 5 0 0 2016A 2017 2018 2019 2020 2021 2022 2023 2016A 2017 2018 2019 2020 2021 2022 2023 Eagle Eagle East Eagle Eagle East 1. Refer to the April 10, 2017 ne
Slide 30: Production Outlook
Production Outlook1 2017 2018 2019 Copper Candelaria (80%) 147,000 – 151,000 131,000 – 136,000 126,000 – 131,000 Eagle 19,000 – 22,000 14,000 – 17,000 14,000 – 17,000 Neves-Corvo 36,000 – 39,000 42,000 – 47,000 45,000 – 50,000 Zinkgruvan 1,000 – 2,000 2,000 – 3,000 3,000 – 4,000 Total Attributable 2
Slide 31: Candelaria Complex
Candelaria Complex1 Ownership 80% Location Region III, Chile Mine life +15 years 2017 exploration budget ~$32M P&P Copper Mineral Reserves 2,785 kt contained (497,484 kt @ 0.6%) M&I Copper Mineral Resources 5,153 kt contained (740,895 kt @ 0.7%) Inferred Copper Mineral Resources 201 kt contained (23
Slide 32: Eagle Mine and Eagle East Overview
Eagle Mine and Eagle East Overview1 Ownership 100% Location Michigan, USA Mine life 7 years 2017 exploration budget ~$18M P&P Nickel Mineral Reserves 130 kt contained (4,734 kt @ 2.7%) M&I Nickel Mineral Resources 158 kt contained (4,449 kt @ 3.6%) P&P Copper Mineral Reserves 111 kt contained (4,734
Slide 33: Neves-Corvo Overview
Neves-Corvo Overview1 Ownership 100% Location Alentejo region, Portugal Mine life +10 years 2017 exploration budget ~$4M P&P Zinc Mineral Reserves 2,337 kt contained (30,409 kt @ 7.7%) M&I Zinc Mineral Resources 6,458 kt contained (106,511 kt @ 6.1%) Inferred Zinc Mineral Resources 603 kt contained
Slide 34: Zinkgruvan Overview
Zinkgruvan Overview1 Ownership 100% Location Askersund, Sweden Mine life +10 years 2017 exploration budget ~$10M P&P Zinc Mineral Reserves 855 kt contained (11,901 kt @ 7.2%) M&I Zinc Mineral Resources 1,458 kt contained (15,668 kt @ 9.3%) Inferred Zinc Mineral Resources 802 kt contained (9,431 kt @
Slide 35: 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 36: TSX: LUN OMX: LUMI
TSX: LUN OMX: LUMI 36