Lundin Mining Corporation · TSX:LUN
Lundin Mining — Investor Presentation (March 2025)
51 slides from Lundin Mining's investor presentation, March 2025
Slide 1: Disciplined Copper Growth at Scale
Disciplined Copper Growth at Scale Corporate Presentation TSX: LUN NASDAQ STOCKHOLM: LUMI March 2025
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 are “forward-looking information” within the meaning of applicable difficulties or expenditures relating to integration and diversion
Slide 3: Overview
Overview Disciplined Copper Growth 4 Company Overview 11 Divestiture of Neves-Corvo & Zinkgruvan 14 Operations 18 Vicuña Corp. 24 Vicuña District 34 Sustainability 37 Production & Cost Guidance 41 Exploration 45 Mineral Reserves & Mineral Resources 47 Lundin Mining Corporate Presentation 2025 3
Slide 4: Disciplined Copper Growth
Disciplined Copper Growth Delivering on our strategy
Slide 5: Portfolio Simplification
Portfolio Simplification Americas focused, copper dominate 4 mines & 3 jurisdictions Candelaria Candelaria Chile | Copper Chile | Copper Portfolio Caserones Simplification Caserones Chile | Copper Chile | Copper Growth Profile Chapada Brazil | Copper/Gold Chapada Brazil | Copper/Gold +500 kt copper/
Slide 6: Operational Focus
Operational Focus 2024 record copper production and guidance achieved Chapada1 ▪ Optimized mine plan to reduce annual stripping requirements - Annual mining rates lowered by ~30 Mtpa Candelaria2 Chapada ▪ Redesigned mine plan to reduce mine movement by 25% Candelaria Caserones Improvements extend to
Slide 7: Transformed Business Profile
Transformed Business Profile Copper focused, better margins, clean balance sheet, improved capital allocation Copper Focused1 Other, 14% Copper, 71% Gold, 7% Better Stronger Improved Capital Zinc, 9% Margins2 Balance Sheet3 Allocation4 2023 EBITDA Margin Net Debt Sustaining Capital 43% $1,332M Ameri
Slide 8: Capital Return to Shareholders
Capital Return to Shareholders ▪ +$1.36 billion returned to shareholders via dividends and share buybacks since 2017 ▪ Annualized dividend1 of C$0.36/share $335M Shareholder Returns2 (US$M) $268M $227M $206M $99M $88M $68M $67M 2017 2018 2019 2020 2021 2022 2023 2024 Candelaria 1. For more informati
Slide 9: Disciplined Copper Growth to +500 kt/yr
Disciplined Copper Growth Acquired Filo; Vicuña JV Revenue: $4.1B to +500 kt/yr Acquired Delivering on our strategy Caserones Growth Opportunities3 Acquired European Sold Tenke Acquired Asset Sale2 Josemaria Chapada Acquired 300 kt Candelaria 369 kt Revenue: 315 kt $728M 250 kt 283 kt 263 kt 257 kt
Slide 10: Track Record of Mineral Resource Growth
Track Record of Mineral Resource Growth1,2 Exploration has been a core value driver for Lundin Mining 320 Candelaria Cu % 101 Neves Corvo Cu % Acquisition year: 2014 Acquisition year: 2006 Divestiture year: Est. 20253 1,390 60 % % Zinkgruvan Zn Eagle Ni Acquisition year: 2004 Acquisition year: 2013
Slide 11: Company Overview
Company Overview Purpose-built team to deliver results
Slide 12: 2025 Cu Guidance – 330kt
2025 Cu Guidance1 303 – 330kt Consolidated C1 Cash Cost: $2.05 - $2.30/lb Eagle Ni Cu Zinkgruvan3 Corporate Office Zn Cu Company Overview 369ktCu 2 2024A ▪ 4 operating mines, copper focused Neves-Corvo3 ▪ Partnership with BHP in the Vicuña District Candelaria2 Cu Zn Cu Au ▪ Clean balance sheet post
Slide 13: Historical Results
Historical Results Revenue1 (US$M) Adj. EBITDA1 (US$M) Production Costs (US$M) $4,117M $1,707M Continuing Operations Caserones $445M $3,392M $1,293M $1,364M Discontinued Operations $405M 3 $3,041M $776M $1,661M $1,681M $1,122M 2022 2023 2024 2022 2023 2024 2022 2023 2024 Sustaining Capital1 (US$M) A
Slide 14: Divestiture of Neves-Corvo & Zinkgruvan
Divestiture of Neves-Corvo & Zinkgruvan Transaction Highlights
Slide 15: Transaction Overview
Transaction Overview: $1.52B in total consideration1 to Lundin Mining Deal expected to close mid-2025 $1.37B upfront consideration for 100% of Neves-Corvo & Zinkgruvan Up to $150M in contingent value 1. Under the terms of the agreement, Lundin Mining will receive upfront cash consideration of $1.37
Slide 16: Transaction Rationale
Transaction Rationale Delivering on our strategy ▪ Unlocks substantial financial strength and accelerates cashflows ▪ Re-frames Lundin Mining as a pure-play copper miner ▪ Optimizes asset portfolio ▪ Focuses Lundin Mining’s growth story in the Vicuña District Zinkgruvan Lundin Mining Corporate Prese
Slide 17: Transaction Consideration
Transaction Consideration Delivering on our strategy ▪ Upfront total cash consideration of $1,370M for 100% of Neves-Corvo and Zinkgruvan ▪ Up to $150M in contingent payments ▪ $100M of contingent value for Neves-Corvo linked to metal prices1 ▪ $50M of contingent value for Zinkgruvan linked to zinc
Slide 18: Operations
Operations Four operating assets with a focus on copper
Slide 19: Atacama Region & Vicuña District
Atacama Region & Vicuña District Pipeline Long History in the Area ▪ Two operating mines NGEx ▪ Port and desalination plant in the NGEx Los Helados Lunahuasi region Filo del Sol ▪ Strategic partnership and infrastructure to leverage assets Vicuña Corp. Lundin Mining Corporate Presentation 2025 19
Slide 20: Candelaria
Atacama (Chile) Candelaria ▪ Acquired in 2014 for $1.8 billion – Increased LOM by 18 years and M&I resources by 260%1 ▪ Water requirements met through desalinated sea water ▪ Mine plan optimization underway for the Candelaria Underground Expansion Project (CUGEP) Ownership 80% Copper, Gold & Cash Co
Slide 21: Caserones
Vicuña District / Atacama (Chile) Caserones ▪ Acquired 51% in 2023 for $950M – Increased ownership to 70% for $350M adding ~25 kt attributable copper/yr ▪ Large-scale, long-life copper-molybdenum operation ▪ Proximity to Candelaria and Josemaría introduces opportunities to realize supply chain, logi
Slide 22: Chapada (Copper/Gold)
Chapada (Copper/Gold) Location Brazil Overview Ownership 100% ▪ Acquired in 2019 for $800M Reserves (P&P)3 1,294 kt Cu ▪ Processing capacity of 65,000 tpd or 24 Mtpa Grade 0.24 | 0.13 ▪ Exploration focused on Sauva and high-grade targets (Cu% | Au g/t) near mine Mine Life +25 yrs. Mine Type OP Throu
Slide 23: Eagle Mine
Eagle Mine Location USA Overview Ownership 100% ▪ Acquired in 2013 for $325M, production commenced in 2014 Reserves (P&P)3 32 kt Ni ▪ Only primary nickel mine in the U.S. Grade (Ni%) 1.19% ▪ Efficient mine operated by high-performing workforce Mine Life ~5 yrs. ▪ Continue to evaluate exploration tar
Slide 24: Vicuña Corp.
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Slide 25: Vicuña Corp. Overview
Vicuña Corp. Overview 50% 50% 2 Board Members 2 Board Members Led by: Dave Dicaire 100% 100% Filo Del Sol Project Project Lundin Mining Corporate Presentation 2025 25
Slide 26: Vicuña District
Vicuña CASERONES District Operating mine Vicuña District A closer look NGEx Los Helados ▪ Cluster of 4 known deposits and 1 recent discovery - Scale, geological structure and grade NGEx JOSEMARIA Lunahuasi Development Project ▪ Caserones – large open pit with conventional crush, grind, flotation cir
Slide 27: Filo del Sol Project
Filo del Sol Project High-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry system Overview ▪ Located in San Juan, Argentina & Chile ▪ Existing resource estimate focusing on oxide mineralization ▪ Geological interpretation changed with drill hole FSDH041 – 858m of 1
Slide 28: Location
Location Approximately 10 km away from the Josemaria project located in San Juan, Argentina S N 10 km Vicuna District Junction Distances and scale approximate for illustrative purposes only. Lundin Mining Corporate Presentation 2025 28
Slide 29: Vicuña District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade Filo del Sol deposit – mineralization over a 5 km strike length 5.0 km Filo del Sol Deposit Lundin Mining Corporate Presentation 2025 29 Distances and scale approximate for illustrative purposes only.
Slide 30: Filo del Sol Project
Filo del Sol Project Mineralization over a 5 km strike length Drill Highlights FSDH041: FSDH054: Total intercept of Total intercept of 858m @ 1.80% CuEq 1,224m @ 1.26% CuEq FSDH055C: FSDH057: Total intercept of Total intercept of 1,338m @ 1.33% CuEq 11.1m @ 17.6% CuEq FSDH064: FSDH067: Total interce
Slide 31: Josemaria Project
Josemaria Project Advanced stage development asset ~10 km from Filo ▪ Unlocks the Vicuña District in Argentina ▪ Feasibility Study completed in 20201 ▪ Advancing detailed engineering studies, trade- offs studies, and permits ▪ RIGI passed in July 2024 – Foreign investment incentive bill, basis for f
Slide 32: Josemaria and Filo del Sol Projects
Josemaria and Filo del Sol Projects District development opportunity ▪ Undertake trade off studies, engineering and permitting ▪ Potential for shared process plant and major infrastructure including TSF, roads, and powerlines ▪ Assess combined land package for ideal placement of major infrastructure
Slide 33: Vicuña Next Steps
Vicuña Next Steps Deal closed in January 2025 ▪ Drilling to continue at Filo and Cumbre Verde ▪ Maiden sulphide resource estimate at Filo del Sol and an updated resource estimate at Josemaría - H1 2025 ▪ Integrated technical report outlining a combined phased project ▪ Application to the Incentive R
Slide 34: Vicuña District
Vicuña District Size, Scale & Grade
Slide 35: Vicuña District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade Giant footprints make for giant mining districts BOLIVIA El Abra Spence Gaby Collahuasi Alteration Mantos Blancos Operating mine footprint of Chuquicamata large mines CHILE Operating mine El Salvador Escondida compared to Inca de Oro Operating mine Vicuña Manto
Slide 36: Vicuña District – Size, Scale & Grade
Vicuña District – Size, Scale & Grade The Vicuña district has the potential to compete with the world’s largest mining complexes 2024E Top Ten Copper Mines By Production (100% basis) 1,200 900 Copper (kt/yr) 600 300 0 Morenci Los Polar Antamina Cerro Verde Buenavista Kamoa Collahuasi Grasberg Escond
Slide 37: Sustainability
Sustainability Focused on the Future
Slide 38: Responsible Mining
Responsible Mining ▪ Ambitious but achievable goal to reduce Scope 1 & 2 GHG absolute emissions by 35% by 20301 Zinkgruvan, Wind Farm, Sweden Scope 2 emissions benefit from Zinkgruvan’s investment in renewable electricity since 2017 Lundin Mining Corporate Presentation 2025 1. Compared to 2019 basel
Slide 39: Responsible Mining
Candelaria, Punta Padrones Port & Desalination Plant, Chile Responsible Mining ▪ Leading ISS Environment & Social Quality Scores ▪ Carbon Disclosure Project (“CDP”) score of ‘B’, above industry and North American averages ▪ Candelaria’s freshwater demands met through sea water desalination facility
Slide 40: Alignment with Best Practices
Alignment with Best Practices ▪ Under the Responsible Mining Framework, we commit to develop and implement management systems and operating practices that take into consideration applicable international guidelines, including: Strong CDP performance, earning a score of ‘B’ • We report annually to th
Slide 41: Production & Cost Guidance
Production & Cost Guidance
Slide 42: Guidance Outlook
Guidance Outlook 3-year Production Guidance1 Commentary Copper ▪ Higher consolidated copper kt production is forecast in 2026, 320 - 348 300 - 328 mainly due to mine sequencing 303 - 330 and copper grade profile at Candelaria and Caserones 2025 2026 2027 ▪ Does not include European assets Gold Nicke
Slide 43: 2025 Production & Cash Cost Guidance Summary
2025 Production & Cash Cost Guidance Summary Guidance Production1 Cash Cost1,2,3,4 Guidance Production1 Cash Cost1,2,3,4 (t, oz; contained metal in conc.) (t, contained metal in conc.) Cu Candelaria (100%) 140,000 - 150,000 $1.80 - $2.00 Au Candelaria (100%) 78,000 - 88,000 Copper Gold Chapada 57,00
Slide 44: 2025 Capital Expenditure Guidance Summary
2025 Capital Expenditure Guidance Summary ▪ Total sustaining capital expenditures Capital Expenditures1 ($M) 2025 reduced by 33% compared to 2024 Candelaria (100%) $205 guidance1 Caserones (100%) $215 ▪ Lower sustaining capital compared to last Chapada $85 year due to lower Candelaria expenditures E
Slide 45: Exploration
Exploration Track record of exploration success
Slide 46: Proven Exploration Success
Proven Exploration Success Candelaria case study Since Lundin Mining’s Mine life Nearly Over Over 2014 acquisition of Candelaria: Extended 160% and production profile improved1 in forecast copper production 260% 320% in M&I Mineral Resource1,2 increase in M&I Mineral Resource over the life-of-mine (
Slide 47: Mineral Reserves & Mineral Resources
Mineral Reserves & Mineral Resources
Slide 48: Mineral Reserves
Mineral Reserves Grade Contained Metal Grade Contained Metal Interest Interest 000's Cu Zn Pb Au Ag Ni Mo Cu Zn Pb Au Ag Ni Mo Site Category 000's Cu Zn Pb Au Ag Ni Mo Cu Zn Pb Au Ag Ni Mo Site Category % % Tonnes % % % g/t g/t % % kt kt kt Koz Koz kt kt Tonnes % % % g/t g/t % % kt kt kt Koz Koz kt
Slide 49: Mineral Resources
Mineral Resources Grade Contained Metal Grade Contained Metal 000's Cu Zn Pb Au Ag Ni Mo Cu Zn Pb Au Ag Ni Mo Interest 000's Cu Zn Pb Au Ag Ni Mo Cu Zn Pb Au Ag Ni Mo Interest Site Category Site Category Tonnes % % % g/t g/t % % kt kt kt Koz Koz kt kt % Tonnes % % % g/t g/t % % kt kt kt Koz Koz kt k
Slide 50: NI 43-101
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 • Candelaria: Technical Report entitled Technical Report
Slide 51: Disciplined Copper Growth at Scale
Disciplined Copper Growth at Scale We have the team We have multiple We are well-positioned and conviction to opportunities to create to achieve our vision of deliver. meaningful growth in becoming a top-tier both near and long- copper producer of term horizons. global scale.