Slide 1: First Quarter 2021 Results
First Quarter 2021 Results April 29, 2021 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 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 Marie Inkster President & CEO Jinhee Magie SVP & CFO Peter Richardson SVP & COO Candelaria and two supervisors personally recognized for high performance in Occupational Health and Hygiene in the mining sector by the Chilean Safety Association (ACHS) 3
Slide 4: Responsible Mining
Responsible Mining • operations continue to focus on prevention of workplace and Responsible Mining in Action community COVID-19 infection • formalized Human Rights Standard to complement and enhance prior commitments to Human Rights in our core documents Total Recordable Injury Frequency • committe
Slide 5: Q1/21 Summary Results
Q1/21 Summary Results Production Payable Sales 57,354 t of copper 53,780 t of copper 33,365 t of zinc 27,308 t of zinc 34,000 oz of gold 33,000 oz of gold 5,354 t of nickel 4,118 t of nickel 5,782 t of lead 5,950 t of lead $681M in Sales Other Sweden 6% 6% Gold 6% Portugal Zinc 12% 8% Nickel Brazil
Slide 6: Financial Highlights
Financial Highlights Realized Metal Prices1 Q1/21 Q1/20 Δ Copper $4.20/lb $1.95/lb 115% Gold $1,598/oz $1,644/oz (3%) Nickel $7.79/lb $3.83/lb 103% Zinc $1.27/lb $0.78/lb 63% Summary Financial Results2 Q1/21 Q1/20 Δ Revenue $681M $378M 80% Gross Profit $253M ($23M) $275M • results impacted by timing
Slide 7: Candelaria
Candelaria Ore Grades to Drive Production Increase • Q1/21 production of 34,203 t of copper and 21,000 oz of gold at a cash cost of $1.65/lb copper Copper, Gold Production & Cash Costs1 Outlook (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) • operation performed well with tonnes mi
Slide 8: Chapada
Chapada Strong Mine & Mill Performance • Q1/21 production of 9,841 t of copper and 13,000 oz of gold at a cash cost of $1.33/lb copper Copper, Gold Production & Cash Costs1 Outlook (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) • operation performed well with tonnes mined and tonne
Slide 9: Chapada Near-Mine Exploration Drilling
Chapada Near-Mine Exploration Drilling 6 km NM_303: 24.8 m @ 0.65% Cu; 0.21 g/t Au (60 m) Including: 8.0 m @ 0.74% Cu; 0.30 g/t Au (73 m) Suruca 3 km Baru NE PLANT SU_1085: 27.4 m @ 0.25% Cu; 0.19 g/t Au (35 m) Including: 9.6 m @ 0.32% Cu; 0.24 g/t Au (38 m) BRT_93: 17.7 m @ 0.26% Cu; 0.20 g/t Au (6
Slide 10: Chapada District Exploration
Chapada District Exploration Mineral Rights Formiga 23 New Exploration Licenses 15 km north of Chapada Plant 29 Exisitng Exploration Licenses Mineralized 4 Zones FOR_61: 27.3 m @ 1.74% Cu; 0.21 g/t Au; 5.15 g/t Ag (116 m) Including: 11.7 m @ 2.65% Cu; 0.38 g/t Au; 6.97 g/t Ag (116 m) Including: 2.9
Slide 11: Neves-Corvo
Neves-Corvo Zinc Expansion Project (ZEP) Advancing On Track • Q1/21 production of 7,441 t of copper, 14,710 t of zinc and 1,073 t of lead at a cash cost of $2.61/lb copper Copper, Zinc Production & Cash Costs Outlook1 (kt & $/lb Cu, net of by-product credits) • zinc production was impacted early in
Slide 12: Neves-Corvo – ZEP
Neves-Corvo – ZEP Underground Construction Progress Upcoming Works • restarted materials handling construction and shaft • commence reticulation system construction and service water piping installation upgrade engineering • establish shaft shutdown pre-fabrication, pre-assembly, and structural and
Slide 13: Neves-Corvo – ZEP
Neves-Corvo – ZEP Surface Construction Progress Upcoming Works • radial stacker commissioned • commence construction of ZEP paste fill expansion • SAG mill commissioned with ore and first concentrate in mid-January • finish commissioning of 3rd tailings paste thickener • SAG mill circuit improvement
Slide 14: Zinkgruvan
Zinkgruvan Record Zinc Ore Milled • Q1/21 production of 18,655 t of zinc, 478 t of copper and 4,709 t of lead at a cash cost of $0.76/lb zinc Zinc Production & Cash Costs Outlook1 (kt & $/lb Zn, net of by-product credits) • mine and mill continue to perform well. New quarterly record set for zinc or
Slide 15: Eagle
Eagle Impressive Cash Costs & Cash Generation • Q1/21 production of 5,354 t of nickel and 5,391 t of copper at a first-quartile cash cost Nickel, Copper Production & Cash Costs Outlook2 of negative $1.62/lb nickel (kt & $/lb Ni, net of by-product credits) • another excellent quarter operationally. B
Slide 16: 2021 Guidance Summary
2021 Guidance Summary1 Production C1 Cash (contained metal in conc.) Cost2 Capital Expenditures ($M) Copper (t) Candelaria (100%) 172,000 - 182,000 $1.353 Sustaining Chapada 48,000 - 53,000 $1.103 Candelaria (100% basis) 345 Eagle 17,000 - 20,000 Chapada 65 Neves-Corvo 35,000 - 40,000 $2.203 Eagle 2
Slide 17: Increasing Production Profile
Increasing Production Profile1 Copper Zinc Gold2 300 kt 225 kt ~65% 175 koz 275 kt 200 kt ~30% 150 koz 250 kt 175 kt ~110,000 oz of unencumbered production in 2021 225 kt 150 kt 125 koz 200 kt 125 kt 175 kt 100 kt 100 koz 2020A 2021 2022 2023 2020A 2021 2022 2023 2020A 2021 2022 2023 1. Production p
Slide 18: 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 19: www.lundinmining.com
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI
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