Slide 1: Third Quarter 2021 Results
Third Quarter 2021 Results October 28, 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 Peter Rockandel SVP Corporate Development & Investor Relations Chairman Lukas Lundin’s visit to Neves-Corvo Zinc Expansion Project (ZEP) – October 2021 3
Slide 4: Q3/21 Summary Results
Q3/21 Summary Results Production Payable Sales 65,077 t of copper 61,334 t of copper 38,769 t of zinc 28,559 t of zinc 46,000 oz of gold 42,000 oz of gold 4,124 t of nickel 3,246 t of nickel 8,311 t of lead 5,824 t of lead $756M in Sales Other 5% Sweden Nickel 9% 8% USA Zinc 13% 9% Chile Copper 43%
Slide 5: Financial Highlights
Financial Highlights Realized Metal Prices1 Q3/21 Q3/20 Δ Copper $4.02/lb $3.24/lb 24% Gold $1,787/oz $1,980/oz (10%) Nickel $8.74/lb $7.03/lb 24% Zinc $1.36/lb $1.12/lb 21% Summary Financial Results2 Q3/21 Q3/20 Δ Revenue $756M $601M 26% Gross Profit $304M $199M 53% $174M $122M 43% Attributable Net
Slide 6: Candelaria
Candelaria Operational Performance on Plan • production of 35,929 t of copper and approximately 20,000 oz of gold at a cash cost of Copper, Gold Production & Cash Cost1 Outlook $1.62/lb copper (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) • tonnes milled, ore grades and recovery r
Slide 7: Pebble Crushing Debottlenecking
Pebble Crushing Debottlenecking Basic Engineering Underway • crushed pebbles are being recirculated to the SAG mills, reducing amount of fresh ore • aim is to eliminate or reduce return of crushed pebbles to the SAG to increase plant throughput • basic engineering underway to: • modify pebbles hoppe
Slide 8: Mine-to-Mill Grade Discrepancy
Mine-to-Mill Grade Discrepancy • improvement in Q3/21 over prior two quarters (i.e., less discrepancy) • preliminary plans for Candelaria consider mine call factor of 5%-8% for 2022 and 2023 Actions Taken Next Steps • operational dilution tests Open pit & underground mines • volumetric scanners for
Slide 9: Chapada
Chapada Record Mill Throughput • production of 16,050 t of copper and 26,000 oz of gold at a cash cost of $0.62/lb of copper Copper, Gold Production & Cash Cost1 Outlook (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) • record quarterly mill throughput at over 6.4 Mt, including mont
Slide 10: Eagle
Eagle Cash Generation Continues • production of 4,124 t of nickel and 4,165 t of copper at cash cost of negative $0.80/lb nickel Nickel, Copper Production & Cash Cost Outlook1 • lower grades compared to Q2/21 on mine sequencing (kt & $/lb Ni, net of by-product credits) • production and first-quartil
Slide 11: Neves-Corvo
Neves-Corvo Shaft Upgrades Completed Successfully • production of 8,083 t of copper, 15,909 t of zinc and 1,359 t of lead at a cash cost of $2.05/lb of copper Copper, Zinc Production & Cash Cost Outlook1 (kt & $/lb Cu, net of by-product credits) • production in line with plan • operating costs in li
Slide 12: Neves-Corvo – ZEP
Neves-Corvo – ZEP Underground Progress Upcoming Works • shaft shutdown upgrade completed • complete service water piping installation • materials handling mechanical installation completed, including crusher level • final commissioning of all electrical rooms • conveyor belt installations, alignment
Slide 13: Neves-Corvo – ZEP
Neves-Corvo – ZEP Surface Progress Upcoming Works • cyclones construction and cold commissioning completed • complete hot commissioning of cyclones with operations team • remaining works commenced, including flotation, filtration and tailings • finalize all flotation, filtration and tailings works •
Slide 14: Zinkgruvan
Zinkgruvan Continued Excellent Performance • production of 22,860 t of zinc, 850 t of copper and 6,952 t of lead at a cash cost of $0.32/lb of zinc Zinc Production & Cash Cost Outlook1 (kt & $/lb Zn, net of by-product credits) • mine continued to perform well with grades above plan • operating costs
Slide 15: 2021 Guidance Summary
2021 Guidance Summary1 Production C1 Cash (contained metal in conc.) Cost2 Capital Expenditures ($M) Copper (t) Candelaria (100%) 150,000 - 155,000 $1.553 Sustaining Chapada 48,000 - 50,000 $1.103 Candelaria (100% basis) 325 Eagle 18,000 - 20,000 Chapada 55 Neves-Corvo 36,000 - 38,000 $2.103 Eagle 2
Slide 16: 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 17: www.lundinmining.com TSX: LUN Nasdaq Stockholm: LUMI
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI
Slide 18: 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