Slide 1: Second Quarter 2020 Results
Second Quarter 2020 Results July 30, 2020 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 This document contains “forward-looking information” within the meaning of Canadian securities laws. All statements other than statements of historical facts constitute forward-looking information,
Slide 3: Participants
Participants Marie Inkster President & CEO Jinhee Magie SVP & CFO Peter Richardson SVP & COO Delivery of medical equipment and supplies for Copiapó and Vallenar hospitals as part of a two billion peso Candelaria and Atacama Health Service agreement signed in May to help the region face the COVID-19
Slide 4: Responsible Mining
Responsible Mining 2019 Sustainability Report • we recognize the important role of the metals we produce and are committed to mining these metals responsibly • we demonstrate this commitment through living our core values of Safety, Respect, Integrity and Excellence in all aspects of our decision-ma
Slide 5: Q2/20 Summary Results
Q2/20 Summary Results Production Payable Sales 65,285 t of copper 63,625 t of copper 31,582 t of zinc 26,361 t of zinc 44,000 oz of gold 42,000 oz of gold 3,380 t of nickel 2,419 t of nickel 5,358 t of lead 7,014 t of lead $533M in Sales Lead Other Sweden Nickel 2% 1% USA 6% 6% 10% Zinc 7% Gold Port
Slide 6: Financial Highlights
Financial Highlights Realized Metal Prices1 Q2/20 Q2/19 Δ Copper $2.85/lb $2.45/lb 16% Gold $1,865/oz $1,410/oz 32% Nickel $5.58/lb $5.66/lb (1%) Zinc $0.91/lb $1.07/lb (15%) Summary Financial Results2 Q2/20 Q2/19 Δ Revenue $533M $369M 44% Gross (Loss) Profit $142M $25M 468% $39M ($8M) 588% Attribut
Slide 7: Candelaria
Candelaria Resilient Operations in Face of COVID-19 Challenges • Q2/20 production of 35,060 t of copper and approximately 21,000 oz of gold at cash Copper, Gold Production & Cash Cost1 Outlook cost of $1.36/lb of copper (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) • throughput in
Slide 8: Chapada
Chapada Improved Grades & Recoveries • copper production increased 16% and gold production approximately 28% over Copper, Gold Production & Cash Cost1 Outlook Q1/20, driven by improving grades and recoveries for both metals (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) • Q2/20 pro
Slide 9: Neves-Corvo
Neves-Corvo New Mill Throughput Record Set • Q2/20 production of 10,559 t of copper, 18,986 t of zinc and 1,559 t Copper, Zinc Production & Cash Cost Outlook of lead all increased over Q1/20 (kt & $/lb Cu, net of by-product credits) • new throughput record set with over one million tonnes milled in
Slide 10: Zinkgruvan
Zinkgruvan On-Track to Achieve Full-Year Guidance • Q2/20 production of 12,596 t of zinc, 3,799 t of lead and 1,765 t of copper at cash cost of $0.56/lb of zinc Zinc Production & Cash Cost Outlook (kt & $/lb Zn, net of by-product credits) • extended campaign of copper ore resulted in increased coppe
Slide 11: Eagle
Eagle Improved Copper Production & Nickel Cash Cost Guidance • Q2/20 production of 3,380 t of nickel and 4,102 t of copper at cash cost of $1.13/lb nickel • set a new record over 180 days without a recordable injury on May 2 and continued the Nickel, Copper Production & Cash Cost Outlook quarter wit
Slide 12: 2020 Guidance Summary
2020 Guidance Summary1 Production C1 Cash (contained metal in concentrate) Cost2 Sustaining Capital Copper (t) Candelaria (100%) 145,000 - 155,000 $1.353 Candelaria (100% basis) 230 Chapada 51,000 - 56,000 $0.654 Eagle 17,000 - 19,000 Chapada 40 3 Neves-Corvo 35,000 - 40,000 $2.10 Eagle 15 Zinkgruva
Slide 13: Increasing Production Profile
Increasing Production Profile1 (kt) Copper Gold Nickel 294 - 318 180 - 190 15 - 18 15 - 18 165 - 180 251 - 274 +30% 13 235 142 2019A 2020 2021 2019A 2020 2021 2019A 2020 2021 1. Production profile based on certain estimates and assumptions, including but not limited to; Mineral Resource and Mineral
Slide 14: 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 • competitive cost position Eagle Zinkgruvan • low-risk mining jurisdictions, Nickel-Copper-PGMs in U.S.A. Zinc-Lead-Copper in Sweden
Slide 15: www.lundinmining.com
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI
Slide 16: 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