Slide 1: TD Securities 2023 Mining Conference
TD Securities 2023 Mining Conference January 25, 2023 TSX: LUN Nasdaq Stockholm: LUMI Neves-Corvo, Portugal
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: Creating Sustainable Value
Creating Sustainable Value High Quality Operations • we mine metals essential to the world today and critical for the future • long-life and cost-competitive assets in low-risk mining jurisdictions • industry-leading environment & social ratings Meaningful Scale & Material Growth • development of Jo
Slide 4: Positive Outlook for Copper
Positive Outlook for Copper • 3rd most consumed metal globally Cu • ~3/4 of usage today is for power transmission and generation, building wiring, telecommunication, and electrical and electronics Copper • positive outlook largely driven by importance in the energy transition and inelastic mine supp
Slide 5: Zinc & Nickel are Essential to Modern Life
Zinc & Nickel are Essential to Modern Life • 4th most consumed metal with uses ranging from metal products to rubber and medicines Zn • ~3/4 of usage today is to protect from corrosion in galvanizing steel, diecasting alloys, etc. ~1/4 is consumed by rubber, chemical and agricultural industries Zinc
Slide 6: Base Metals Focused Portfolio
Base Metals Focused Portfolio Our Strategy Operate, upgrade and grow a base metals portfolio that provides leading returns for our shareholders throughout the cycle Zinkgruvan Metal Mix Zinc-Lead-Copper Zinc Revenue by Metal1 Eagle 13% Nickel-Copper-PGMs Neves-Corvo Copper-Zinc-Lead Nickel 11% Gold
Slide 7: Copper Portfolio
Copper Portfolio Meaningful Scale & Material Growth Copper Production Profile1 (kt) Cu Copper +50% Chapada CUGEP Expansion / Saúva Growth • long-life and cost-competitive assets in low-risk mining jurisdictions 250 236 - 260 256 - 280 238 - 262 Josemaria • Candelaria Underground Expansion Project (C
Slide 8: Zinc Portfolio
Zinc Portfolio Production Growth Ramping Up Production Profile1 (kt) Zn Zinc 225 - 240 215 - 230 • top-15 global producer of zinc in concentrate 180 - 195 Long-Term • ramp-up of Neves-Corvo Zinc Expansion Project (ZEP) underway, to Mineral Resource Optimization double zinc ore processing capacity of
Slide 9: Nickel Portfolio Gold Portfolio
Nickel Portfolio Gold Portfolio Low-Cost Producer Significant By-Product Credits Ni Au Nickel Gold • Eagle mine is the only primary nickel mine in the U.S.A. • gold production growth of over 130% with development of Josemaria2 and further growth with the potential expansion at Chapada and the • prod
Slide 10: 2023 Guidance Summary
2023 Guidance Summary1 Production (t, oz; contained metal in conc.) Cash Cost2,3 Capital Expenditures2 ($M) Candelaria (100%) 145,000 - 155,000 $1.80 - $1.95 Sustaining Capital Chapada 43,000 - 48,000 $2.55 - $2.75 Candelaria (100% basis) 400 Cu Eagle 12,000 - 15,000 Chapada 70 Copper Neves-Corvo 33
Slide 11: Responsible Mining
Responsible Mining ✓ leading ISS Environment & Social Quality Scores ✓ CDP score of ‘B’, above industry and North American averages ✓ Candelaria’s operational water requirements met through reuse and make-up water from owned sea water desalination facility ✓ renewables increased to a minimum of 80%
Slide 12: Focused on the Future
Focused on the Future 35% Reduction in 7 Years • Scope 1 & 2 GHG absolute emissions reduction target of 35% by 2030 compared to our 2019 baseline year Embedding our Target 2022-2023 • baseline data is established and has been verified since 2014 • work is underway to ensure governance processes and
Slide 13: Key Financial Metrics
Key Financial Metrics1 Revenue Adjusted EBITDA Adjusted Earnings (Loss) $623M $1,019M $991M $588M $296M $756M $649M $282M $411M $590M $202M $168M $149M $31M Q2/22 ($35M) Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q3/21 Q4/21 Q1/22 Q3/22 Adjusted Operating Cash Flow Free Cash Flow Ne
Slide 14: Operating and Capital Cost Drivers
Operating and Capital Cost Drivers YTD 2022 Candelaria Chapada Neves-Corvo Eagle Zinkgruvan Cash cost1 $1.80/lb of copper $2.13/lb of copper $2.26/lb of copper $0.32/lb of nickel $0.31/lb of zinc Production costs $490M $240M $251M $142M $86M Sustaining capex $273M $63M $49M $10M $32M 20% 10% 6% 25%
Slide 15: Strong Operating Cash Flows
Strong Operating Cash Flows Key Changes in Cash $704M $16M $562M $206M $594M $18M $224M $50M $64M $227M Q4/21 Adjusted Working Capital Acquisition & Net Debt Shareholder Share Buyback Other Q3/22 Cash Operating Capital Investments Contingent Proceeds Dividends Cash Cash Flow Payments 15
Slide 16: Leading Growth & Direct Returns
Leading Growth & Direct Returns Underpinned by Financial Strength at September 30, 2022 for the nine months ended September 30, 2022 $1.9B of liquidity $224M of dividends paid $178M net cash $50M / 10.8M of share buybacks Forecast Dividend Yield1 5.6% 770M common shares outstanding single class stru
Slide 17: High Quality Operations Meaningful Scale & Material Growth Financial Strength
High Quality Operations Meaningful Scale & Material Growth Financial Strength www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI
Slide 18: Appendices
Appendices Candelaria, Chile 18
Slide 19: Candelaria
Candelaria Cu Au Candelaria consists of an open pit and underground mines providing copper ores to two on-site processing plants, as well as port facilities and desalination Gold plant. Combined processing capacity is ~28 Mtpa, producing copper in high-quality concentrate Copper 2023 Production & Ca
Slide 20: Ojos del Salado Sinkhole
Ojos del Salado Sinkhole Status Update • no material change in size since detection on July 30, 2022 • mining operations at Alcaparrosa remain suspended Actions & Next Steps • communicating with all stakeholders • continue to monitor, investigate causal factors, and cooperate fully with regulatory a
Slide 21: Candelaria – Mineral Resources and Mineral Reserves
Candelaria – Mineral Resources and Mineral Reserves1 Ownership 80% Location Region III, Chile Mine life +20 years 2023 exploration budget $12M 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 Copper
Slide 22: Chapada
Chapada Cu Au Chapada consists of four open pit mines and on-site processing facilities. The processing plant has a capacity of ~24 Mtpa, producing a high-quality gold-rich Gold copper concentrate Copper 2023 Production & Cash Cost Copper, Gold Production & Cash Cost Outlook1 (100% basis; kt Cu, koz
Slide 23: Chapada – Saúva Copper-Gold System
Chapada – Saúva Copper-Gold System Highlight Assay Results Received in Q3/22 N v FOR-193: 127.14 m at 0.34% Cu and 0.09 g/t Au or 0.41% CuEq, from 179 m FOR-228: 13.70 m at 0.34% Cu and 0.14 g/t Au or 0.44% CuEq, from 73 m and: 14.00 m at 0.49% Cu and 0.11 g/t Au or 0.57% CuEq, from 153 m and: 38.00
Slide 24: Chapada – Mineral Resources and Mineral Reserves
Chapada – Mineral Resources and Mineral Reserves1 Ownership 100% Location Goiás State, Brazil Mine life +30 years 2023 exploration budget $8M 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 M
Slide 25: Neves-Corvo
Neves-Corvo Cu Zn Pb Ag Neves-Corvo consists of an underground mine and on-site processing facilities. The copper plant has a processing capacity of 2.6 Mtpa, producing copper in concentrate, and ramp-up of the expanded zinc plant to 2.5 Mtpa is currently underway Copper Zinc Lead Silver 2023 Produc
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 2023 exploration budget $7M 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: Eagle
Eagle Ni Cu Co PGMs Eagle mine consists of an underground mine and the off-site Humboldt mill. The plant has a processing capacity of 0.7 Mtpa, producing Copper Platinum high-quality nickel and copper in concentrates containing minor amounts of payable cobalt, gold, and platinum group metals Nickel
Slide 28: Eagle East Exploration and Growth
Eagle East Exploration and Growth Eagle East Intrusion Peridotite Semi-Massive Sulphide Massive Sulphide Upper Keel Zone Gabbro 500 m Lower Keel Zone EEUG173: 6.97 m at 0.84% Ni and 0.75% Cu EEUG175: 8.95 m at 2.75% Ni and 2.72% Cu Exploration Area EEUG164: 15.11 m at 2.93% Ni and 2.53% Cu Eagle Eas
Slide 29: Eagle Mine – Mineral Resources and Mineral Reserves
Eagle Mine – Mineral Resources and Mineral Reserves1 Ownership 100% Location Michigan, USA Mine life 4 years 2023 exploration budget $4M 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%) Eagle Mine, U.S.A. 1. For more infor
Slide 30: Zinkgruvan
Zinkgruvan Zn Cu Pb Ag Zinkgruvan is an underground mine with a long history having been in continuous production since 1857. The on-site processing Zinc plant has capacity of ~1.5 Mtpa, of which 1.2 Mpta is for zinc-lead ore and the remainder for copper ore Copper Lead Silver Zinc Production & Cash
Slide 31: Zinkgruvan – Mineral Resources and Mineral Reserves
Zinkgruvan – Mineral Resources and Mineral Reserves1 Ownership 100% Location Askersund, Sweden Mine life +10 years 2023 exploration budget $6M 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 32: Josemaria Project
Josemaria Project World-Class Copper-Gold Porphyry Project1 Cu Au Ag ✓ top-10 Americas open-pit copper project by Mineral Reserves2 Copper Gold Silver ✓ located at center of a prolific region and emerging district ✓ significantly advanced with clear path to production ✓ multi-decade mine life potent
Slide 33: Josemaria Project: District Potential & First Mover Advantage
Josemaria Project 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 positi
Slide 34: 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 35: 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 36: 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 37: Responsible Mining – Climate Change
Responsible Mining – Climate Change 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 somet
Slide 38: 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 • committed to improvements in water assessment and management practices, evaluating water-use efficiency, initiatives to prevent unneces
Slide 39: 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 40: www.lundinmining.com TSX: LUN Nasdaq Stockholm: LUMI
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI