Slide 1: Fourth Quarter & Full Year 2022 Results
Fourth Quarter & Full Year 2022 Results February 23, 2023 TSX: LUN Nasdaq Stockholm: LUMI Zinkgruvan, Sweden
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 & Candelaria executive team meeting with Chilean Minister of Mining, Marcela Hernando – January 2023 3
Slide 4: 2022 Highlights
2022 Highlights High Quality Meaningful Scale Financial Strength Operations & Material Growth Production Mineral Reserves3 Shareholder Returns 250 kt 17.1 Blb 5.6 Blb C$0.36/sh ~4.2% copper copper zinc regular dividend yield4 400 kt 123 Mlb 12.7 Moz $275M $60M copper-equivalent1 nickel gold dividend
Slide 5: 2022 Summary Production Results
2022 Summary Production Results Copper Nickel production of 250 kt production of 17 kt 65,081 64,096 63,930 4,719 4,281 4,379 56,552 4,096 • Chapada and Eagle met copper production guidance; Zinkgruvan exceeded • Candelaria and Neves-Corvo copper • achieved near the top end of production modestly be
Slide 6: 2022 Summary Results
2022 Summary Results Metal Mix Realized Prices1 Revenue by Metal Copper Zinc Zinc $4.41/lb $1.46/lb $0.04/lb $0.01/lb $1.50/lb $1.43/lb 12% $3.68/lb $0.03/lb $0.04/lb $3.75/lb Nickel 12% Over $3B in Revenue 2022 Prior Period MTM at Realized 2021 2022 Prior Period MTM at Realized 2021 Adjustment Year
Slide 7: 2022 Operating and Capital Cost Drivers
2022 Operating and Capital Cost Drivers Candelaria Chapada Eagle Neves-Corvo Zinkgruvan Production costs $697M $324M $193M $329M $116M Cash cost1 $1.96/lb of copper $2.08/lb of copper $0.79/lb of nickel $2.27/lb of copper $0.32/lb of zinc Sustaining capex $390M $105M $16M $71M $48M • successful earl
Slide 8: Key Financial Metrics
Key Financial Metrics Revenue Adjusted EBITDA1 Adjusted Earnings (Loss)1 of over $3B in 2022 of $1.3B in 2022 of over $480M in 2022 $623M $1,019M $991M $588M $811M $296M $282M $354M $649M $192M $590M $202M $149M Q2/22 $31M Q4/21 Q1/22 ($35M) Q3/22 Q4/22 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q4/21 Q1/22 Q2/2
Slide 9: Strong Cash Flows from Operations
Strong Cash Flows from Operations Key Changes in Cash $116M $993M $640M $203M $594M $181M $102M $275M $59M $191M $23M YE 2021 Adjusted Working Sustaining Expansion Josemaria Net Debt Shareholder Share Other YE 2022 Cash Operating Capital Capex Capex Acquisition Proceeds Dividends Buyback Cash Cash F
Slide 10: Copper
Copper Cu Meaningful Scale Production Profile2 (kt) Copper & Material Growth Chapada CUGEP Expansion / Saúva 256 - 280 236 - 260 238 - 262 Candelaria 250 Josemaria • updated Technical Report extends LOM to 2046 Project • underpins guidance and 2022 Mineral Reserve1 estimates • base case which does n
Slide 11: Copper-Gold Saúva Deposit
Copper-Gold Saúva Deposit Highlight Assay Results Received in Q4/22 N FOR-231: 25.9 m at 0.60% Cu, 0.65 g/t Au or 0.98% CuEq, from 9.1 m v including: 6.0 m at 0.99% Cu, 1.21 g/t Au or 1.70% CuEq, from 9.1 m and: 64.0 m at 0.82% Cu, 1.40 g/t Au or 1.63% CuEq, from 86.0 m including: 20.0 m at 1.20% Cu
Slide 12: Zinc
Zinc Zn Production Growth Production Profile2 (kt) Zinc Ramping Up 225 - 240 215 - 230 Neves-Corvo 180 - 195 • updated Technical Report underpins current guidance and 2022 Mineral Reserve1 estimates 159 • does not consider development of Semblana copper Mineral Resource1 • full ZEP mining and proces
Slide 13: Nickel Gold
Nickel Gold Ni Low-Cost Au Significant Nickel Producer Gold By-Product Credits Eagle • significant gold production growth with development of Josemaria3, potential • updated Technical Report incorporates the Upper Keel zone, expansion at Chapada and development of Saúva extending mine life into 2027
Slide 14: Copper growth to supply our world's transition
Copper growth to supply our world’s transition Zinkgruvan Zinc-Lead-Copper We mine metals essential for today and tomorrow as Eagle the world shifts to a lower carbon future Nickel-Copper-PGMs Neves-Corvo Copper-Zinc-Lead We produce at a meaningful global scale and are positioned for material growth
Slide 15: 2023 Guidance Summary
2023 Guidance Summary1 Production (t, oz; contained metal in conc.) Cash Cost2,3 Capital Expenditures2 ($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 16: 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 contained in the technical reports and news releases (co
Slide 17: www.lundinmining.com
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