Slide 1: First Quarter 2023 Results
First Quarter 2023 Results May 4, 2023 TSX: LUN Nasdaq Stockholm: LUMI Caserones, Chile
Slide 2: Cautionary Statements
Cautionary Statements Caution Regarding Forward-Looking Information and Non-IFRS 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 Peter Rockandel CEO Teitur Poulsen SVP & CFO Juan Andres Morel SVP & COO Lundin Mining executive team members and advisors meeting with Chilean Minister of Finance, Mario Marcel Cullell – April 2023 3
Slide 4: Q1/23 Highlights
Q1/23 Highlights • strong operating performance across the portfolio Solid Operational • produced nearly 103,000 tonnes of copper-equivalent metal1 Performance • 9% increase in copper production and 10% increase in zinc production over Q4/22 • record quarterly zinc production at Neves-Corvo with Zin
Slide 5: Q1/23 Summary Production Results
Q1/23 Summary Production Results Copper Nickel production of 61.5 kt production of 3.7 kt 64,096 63,930 4,719 61,462 56,552 4,379 4,096 3,724 • 9% increase over Q4/22 • QOQ increases at Candelaria, Neves-Corvo, • impacted by downtime and rehab Eagle and Zinkgruvan work on the main ramp at Eagle, as
Slide 6: Q1/23 Summary Results
Q1/23 Summary Results Metal Mix Realized Prices1 Revenue by Metal Copper Zinc $1.96/lb $4.94/lb $0.10/lb $0.11/lb $0.09/lb $4.49/lb $1.40/lb $1.39/lb $4.12/lb $0.28/lb Copper 70% Zinc 13% Over $750 in Revenue Gold Q1/23 Prior Period MTM at Realized Q1/22 Q1/23 Prior Period MTM at Realized Q1/22 8% A
Slide 7: Q1/23 Operating and Capital Costs
Q1/23 Operating and Capital Costs Candelaria Chapada Eagle Neves-Corvo Zinkgruvan Production costs $188M $69M $45M $86M $29M Cash cost1 $2.21/lb of copper $2.37/lb of copper $2.43/lb of nickel $1.69/lb of copper $0.54/lb of zinc Sustaining capex $91M $16M $7M $25M $14M Q1/23 Operating Cost Drivers •
Slide 8: Key Financial Metrics
Key Financial Metrics Revenue Adjusted EBITDA1 Adjusted Earnings (Loss)1 of over $750M in Q1/23 of over $335M in Q1/23 of over $125M in Q1/23 $991M $588M $296M $751M $811M $337M $649M $192M $590M $354M $126M $202M $149M Q2/22 $31M ($35M) Q1/22 Q3/22 Q4/22 Q1/23 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q1/22 Q2
Slide 9: Strong Cash Flow from Operations
Strong Cash Flow from Operations Key Changes in Cash $235M $23M $191M $156M $11M $3M $184M $13M $91M YE 2022 Adj.Operating Working Sustaining Expansion Net Debt FX Derivatives Other Q1/23 Cash Cash Flow1 Capital Capex Capex Proceeds Proceeds EOP Cash 1. For the three months ended March 31, 2023, cas
Slide 10: Copper Growth
Copper Growth Cu Meaningful Scale Copper Copper & Material Growth Production Profile1, 3 (kt) Caserones Acquisition Chapada • large-scale, long-life copper operation with favorable cash flow generation CUGEP Caserones • on a pro forma basis would have increased Lundin Mining's 2022 2018-22A average
Slide 11: Vicuña District Exploration Potential
Vicuña District Exploration Potential • significant potential to further increase value over the longer-term in the district leveraging Lundin Mining’s copper-focused exploration expertise • over 58,000 ha highly prospective and under explored land package to be Los acquired with Caserones. Abuts NG
Slide 12: Copper growth to supply our world's transition
Zinkgruvan Copper growth to supply Eagle Zn Cu 2022A u/g our world’s transition 2022A u/g 48 kt CuEq3 10+ years Ni Cu Ag Co PGM 67 kt CuEq3 4+ years We mine metals essential for today and as the world shifts to a lower carbon future We produce at a meaningful global scale and are positioned for mate
Slide 13: 2023 Guidance Summary
2023 Guidance Summary1 Production (t, oz; contained metal in conc.) Cash Cost2,3 Capital Expenditures2 ($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 14: NI 43-101 technical information
NI 43-101 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 releases (co
Slide 15: www.lundinmining.com
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI