Slide 1: Corporate Update: 2018 Production and Investment Plans
TSX: LUN OMX: LUMI Corporate Update 2018 Production and Investment Plans December 1, 2017 Neves-Corvo, Portugal 1
Slide 2: Cautionary Statements
Cautionary Statements Caution Regarding Forward-Looking Information and Non-GAAP Performance Measures All statements made and information contained herein, in the Technical Reports recently filed for the Zinkgruvan Mine and Candelaria Copper Mining Complex (the "Technical Reports") and made in givin
Slide 3: 2018 Production and Cash Cost Guidance
2018 Production and Cash Cost Guidance Attributable Production1 and C1 Cash Cost2 (t and $/lb, net of by-products) Copper Candelaria (80%) 104,000 – 109,000 $1.70/lb Eagle 15,000 – 18,000 Neves-Corvo 39,000 – 44,000 $1.30/lb Zinkgruvan 1,000 – 2,000 Total Attributable 159,000 – 173,000 Nickel Eagle
Slide 4: Production Outlook
Production Outlook1 2018 2019 2020 Copper Candelaria (80%) 104,000 – 109,000 116,000 – 121,000 132,000 – 137,000 Eagle 15,000 – 18,000 12,000 – 15,000 12,000 – 15,000 Neves-Corvo 39,000 – 44,000 40,000 – 45,000 41,000 – 46,000 Zinkgruvan 1,000 – 2,000 1,000 – 2,000 2,000 – 3,000 Total Attributable 1
Slide 5: 2018 Capital Expenditure Guidance
2018 Capital Expenditure Guidance Capital Expenditures1 (US$M) Total Capitalized Stripping2 200 Candelaria Los Diques Facility 60 – optimized new life-of-mine (LOM) plan New Mine Fleet Investment 75 – re-phasing of pit and capitalized stripping increased Mill Optimization Investment 50 to ensure pro
Slide 6: Candelaria – Copper / Gold / Silver – Region III, Chile
Candelaria Candelaria – Copper / Gold / Silver – Region III, Chile 6
Slide 7: Candelaria – Life of Mine 2017 Plan
Candelaria – Life of Mine 2017 Plan Significant increase in Mineral Reserves extending LOM to 2035 Open pit re-phased to improve LOM production profile and to reflect impact in 2018 of October 31, 2017 localized slide in Phase 9 Copper production increased over 10-year and LOM as a result of: – incr
Slide 8: Candelaria – Phase 9 Localized Wall Slide
Candelaria – Phase 9 Localized Wall Slide Localized slide in waste rock of 600 to 700kt slumped down to pit floor, covering part of remaining Phase 9 ore Resulted in revised pit planning to advance into Phase 10 Forecast 2018 copper metal down by 20% from re-phasing and Phase 9 slide. Currently mini
Slide 9: LOM 2017 Source of Mill Feed
Candelaria – LOM 2017 Source of Mill Feed v v 9
Slide 10: Mine Fleet Investment
Candelaria – Mine Fleet Investment Most open pit equipment dates from mid-1990s Candelaria Mine life now to 2035 New mine equipment will increase haulage capacity and efficiency Change to hydraulic shovels in backhoe configuration - Cat 6060 excavators 38 new latest generation Cat 793F trucks (faste
Slide 11: Candelaria – Underground Expansion
Candelaria – Underground Expansion Candelaria Norte 11
Slide 12: Underground Mine Expansion
Candelaria – Underground Mine Expansion Looking west Significant underground exploration success since acquisition 2017 LOM Candelaria underground P&P Mineral Reserves Final Open Pit now 65.7Mt at 0.89% copper Environmental permits approved to expand Candelaria underground from 6ktpd to 14ktpd North
Slide 13: Plant Optimization
Candelaria – Plant Optimization Primary Crusher Upgrade Ball Mill Repower Cyclones & Feed Pumps Opportunities identified during mill expansion Feasibility Study – primary crusher motor upgrade – ball mill re-powering – cyclone and feed pump upgrades – flotation circuit upgrades 32 34 P l M – pebble
Slide 14: Los Diques Tailings Project
Candelaria – Los Diques Tailings Project Phase 0 completed. Phase 1, 2 and 3 advancing Water being placed behind dam First tailings placement forecast in Q1/18 Total forecast capital unchanged at $295M Forecast 2018 $45M to complete Additional $15M in 2018 on advancing Phases 2/3 for overall LOM cos
Slide 15: Eagle – Nickel / Copper / PGMs – Michigan, U.S.A.
Eagle Nickel / Copper / PGMs – Michigan, U.S.A. 15
Slide 16: Eagle East Project
Eagle East Project Existing Access Ramp Eagle East advancing on schedule and on budget – development 33% complete – Eagle East Mining permit approved – mill permit amendment in progress – expected Q2/18 – 2018 Capex $30M Eagle Mine Advancing both declines Eagle East Deposit 1,000 m 1616
Slide 17: Neves-Corvo – Copper / Zinc – Portugal
Neves-Corvo Copper / Zinc – Portugal 17
Slide 18: Neves-Corvo – Zinc Expansion Project
Neves-Corvo – Zinc Expansion Project On target for doubling of current zinc production levels forecast by H2/19 Total underground development advanced 2.4 km, 39% complete Plant construction to commence Q1/18 subject to permits Capital cost approximately €260 million estimated initial capital $190M
Slide 19: Questions and Answers
Questions and Answers 19
Slide 20: 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 21: TSX: LUN OMX: LUMI
TSX: LUN OMX: LUMI 21