Slide 1: Q3 Financial Results
Q3 Financial Results September 2024 TSX: LUN NASDAQ STOCKHOLM: LUMI
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 time on integration; risks related to mine closure activities, recl
Slide 3: Participants on the Call
Participants on the Call Jack Lundin Juan Andres Morel Teitur Poulsen President & CEO COO CFO
Slide 4: Q3 2024 Highlights
Q3 2024 Highlights 19% Call Option on Caserones 100ktCu Exercised Quarterly Cu production in 20241 $458M Adjusted EBITDA in Q3 20242 $305M Adjusted Operating Cash Flow in C$0.09/sh Quarterly dividend yield (annualized dividend of C$0.36/sh)3 Q3 20242 1. Q3 2024 consolidated copper and gold productio
Slide 5: Production Highlights
Production Highlights
Slide 6: Q3/24 Production Results
Q3/24 Production Results Copper Q3 production of 100 kt Revised Q1 Q2 Q3 Guidance Range 103 100 88 88 kt 80 kt 100 kt 366 kt 389 kt 80 268 kt YTD Q4/23 Q1/24 Q2/24 Q3/24 Gold Q3 production of 47 koz Annual 47 Q1 Q2 Q3 Guidance Range 44 33 32 33 koz 32 koz 47 koz 155 koz 170 koz 112 koz YTD Candelari
Slide 7: Q3/24 Copper Production
Q3/24 Copper Production Candelaria Caserones By Mine Q3 production of 50 kt Q3 production of 29 kt 50 35 ▪ Higher grades at Candelaria from Phase 42 34 30 29 11 expected to continue into Q4 33 31 ▪ Production at Caserones impacted in the quarter from labour action in August Q4/23 Q1/24 Q2/24 Q3/24 Q
Slide 8: Q3/24 Production Results
Q3/24 Production Results Zinc Q3 production of 47 kt Revised Q1 Q2 Q3 Guidance Range 51 47 47 46 46 kt 47 kt 47 kt 190 kt 199 kt 17 140 kt YTD 30 Zinkgruvan Neves-Corvo Q4/23 Q1/24 Q2/24 Q3/24 Nickel Q3 production of 0.9 kt Revised Q1 Q2 Q3 Guidance Range 3.7 3.3 3.3 kt 1.7 kt 0.9 kt 7 kt 9 kt 1.7 0
Slide 9: Production Guidance Updates
Production Guidance Updates Production Revised Production Guidance1 Guidance2 Copper ▪ Higher grades at Candelaria Cu Candelaria (100%) 160,000 - 170,000 165,000 - 173,000 to continue into Q4 Copper Caserones (100%) 124,000 - 135,000 121,000 - 125,000 ▪ Reduced throughput at Caserones impacted full
Slide 10: Production Guidance Updates
Production Guidance Updates Production Revised Production Guidance1 Guidance2 Other Metals ▪ Zinkgruvan guidance Zn Neves-Corvo 120,000 - 130,000 111,000 - 116,000 Zinc increased Zinkgruvan 75,000 - 85,000 79,000 - 83,000 Total (t) 195,000 - 215,000 190,000 - 199,000 ▪ Neves-Corvo impacted by lower
Slide 11: Asset Optimization
Asset Optimization Comprehensive value optimization efforts across our Latin American sites Chapada ▪ Redesigned mine plan to optimize stockpile feed and reduce annual stripping requirements - Annual mining rates lowered by ~30 Mtpa ▪ Improvements extend to haulage cycle times, Chapada fleet availab
Slide 12: Financial Performance
lundin mining Financial Performance
Slide 13: Q3/24 Revenue
Q3/24 Revenue Metal Mix By Mine Molybdenum Neves-Corvo 2% Nickel Eagle 12% 1% $1,073M 1% Other1 4% Zinkgruvan Gold 6% 9% Chapada Quarterly revenue 15% Zinc 9% Copper Caserones Candelaria 75% 22% 44% 1. Other metals include lead, cobalt, silver and PGM sales. Lundin Mining | Q3 Financial Results 13
Slide 14: Volume Sold and Realized Prices
Volume Sold and Realized Prices Copper Volume Sold Realized Pricing Revenue (kt) Cu | Zn ($/lb) of $1,073 million in Q3 90 Cu $1,073M 101 $4.79 $1,084M 89 86 79 $4.29 $1,060M $3.98 $3.71 $3.81 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 $992M Zinc Volume Sold Zn (kt) $1.49 41 $1.19 $1.29 $937M 44 $1.13 $1.02 43 3
Slide 15: Q3 Production Costs
Q3 Production Costs ▪ Total production costs down ▪ Higher mining rates and throughputs at Candelaria and Chapada drove increases QoQ ▪ Caserones costs decreased from lower sales volumes as well as favourable FX impacts Consolidated Costs Asset Costs ($M or Cu $/lb net credits)1 $648 M Cash Costs ($
Slide 16: Revised Cash Cost Guidance
Revised Cash Cost Guidance Cash Revised Cash By Mine Costs1 Costs2 ▪ Guidance at Chapada and Candelaria $/lb Cu $1.60 - $1.80 Unchanged Zinkgruvan decreased due to increased by-products credits Caserones $/lb Cu $2.60 - $2.80 Unchanged and weaker currencies Chapada $/lb Cu $1.95 - $2.15 $1.55 - $1.6
Slide 17: Capital Costs
Capital Costs Q3 2024 Capital Expenditure Sustaining Growth ▪ Total capital expenditure for the Q1 Q2 Q3 Revised Full Q1 Q2 Q3 Revised Full Year Guidance Year Guidance quarter of $201M $213M $168M $151M $720M $56M $87M $50M $230M ▪ Full year sustaining capital $532M YTD guidance reduced from $795M t
Slide 18: Key Financial Metrics
Key Financial Metrics Adjusted EBITDA1 Adjusted Operating Cash Flow1 of $458 million in Q3 of $305 million in Q3 $458M $362 M $370 M $461M $305 M $415M $420M $316 M $314 M $363M Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Caserones 1. For the three and nine months ended September 30,
Slide 19: Key Financial Metrics
Key Financial Metrics Free Cash Flow from Operations1 Adjusted Earnings (Loss)1 Net Debt / Adjusted EBITDA1,2 of $2 million in Q3 of $73 million in Q3 0.9X $122M $338M $73M $85M $80M LTM $137M $45M $117M $68 M Net debt of $1,542M2 $2 M $1,410M liquidity headroom Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q3/23 Q
Slide 20: Cash Flow from Operations
Cash Flow from Operations Key Changes in Cash Lundin Mining | Q3 Financial Results 20
Slide 21: Growth & Exploration
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Slide 22: Joint acquisition of Filo and Partnership on the Josemaria Project
Transaction overview: Joint acquisition of Filo and Partnership on the Josemaria Project Cash consideration for 50% of Josemaria 50% 50% New Joint Venture 100% 100% Filo Del Sol Project Project Lundin Mining | Q3 Financial Results 22
Slide 23: 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 24: 5.0 km
5.0 km Lundin Mining | Q3 Financial Results 24
Slide 25: Next Steps
Next Steps Deal expected to close in Q1 2025 ▪ Targeting the closing of the Filo transaction and Joint Venture early next year ▪ Drilling to continue at Filo ▪ Further updates on work plans to be provided in Q1 2025 Josemaria Project Lundin Mining | Q3 Financial Results 25
Slide 26: Caserones
Caserones 19% Ownership Call Option Closed ▪ Early exercise to increase ownership to 70% for $350M completed ▪ Adds approximately 20,000 to 25,000 tonnes of attributable copper production per year1 1. Based on guidance as announced by news release "Lundin Mining Third Quarter 2024 Results" dated Nov
Slide 27: Exploration
Exploration Priority targets: Caserones deep, Angelica and Cumbre Verde CASERONES CUMBRE VERDE ANGELICA FILO DEL SOL CHILE ARGENTINA Resource pit outline JOSEMARIA Lundin Mining Filo Corp. 2 km Lundin claim Lundin Mining Corporate Presentation / December 2023 Panoramic view looking towards the West
Slide 28: Summary
Summary Strong operational results ▪ Solid quarterly revenue and copper production ▪ Tracking to full year consolidated copper guidance ▪ Two significant transactions announced enhancing the near-term and long-term copper growth profile Candelaria Lundin Mining | Q3 Financial Results 28
Slide 29: 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.