Slide 1: Corporate Presentation
Corporate Presentation August 2022 TSX: LUN Nasdaq Stockholm: LUMI Candelaria, Punta Padrones Desalination plant, 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: Lundin Mining: Providing the Metals Necessary for a Green Economy
Lundin Mining Providing the Metals Necessary for a Green Economy Our Strategy Operate, upgrade and grow a base metals Zinkgruvan portfolio that provides leading returns for our Eagle Zinc-Lead-Copper in Sweden Nickel-Copper-PGMs in U.S.A. shareholders throughout the cycle • copper dominant • long-li
Slide 4: Responsible Mining
Responsible Mining • new long-term sustainability strategy – Focused on the Future • interim scope 1 and scope 2 GHG absolute emissions reduction target of 35% by 2030 compared to our 2019 baseline year • sustainability performance reported in a comprehensive, standalone document since 2010 2021 Hig
Slide 5: Responsible Mining
Responsible Mining ✓ best-ever annual TRIF rate in 2021 of 0.54 Total Recordable Injury Frequency ✓ leading ISS Environment & Social Quality Scores per 200,000 person hours worked ✓ CDP score of ‘B’, above industry and North American averages ✓ trend of decreasing or consistent energy intensity and
Slide 6: Copper is Vital to Society
Copper is Vital to Society • positive copper outlook is largely driven by the Mt metal’s importance in the energy transition and 40 Base Case Production Capability inelastic mine supply Probable Projects • demand expected to increase on the back of 35 decarbonization and the ‘greening’ of the econom
Slide 7: H1/22 Summary Results
H1/22 Summary Results Production Payable Sales 129,177 t of copper 125,118 t of copper 74,303 t of zinc 62,318 t of zinc 9,000 t of nickel 7,473 t of nickel 73,000 oz of gold 68,000 oz of gold 17,570 t of lead 16,588 t of lead Over $1,580M in Sales Other Gold Sweden 5% 7% 10% Nickel USA 11% 16% Chil
Slide 8: Financial Highlights
Financial Highlights Realized Metal Prices1,2 H1/22 H1/21 Δ Copper $3.92/lb $4.41/lb (11%) • over $170M of dividends paid to shareholders and Zinc $1.63/lb $1.33/lb 23% $8M of share buybacks in H1/22 Gold $1,830/oz $1,724/oz 6% Nickel • net cash of approximately $460M as at July 27, 2022 $10.93/lb $
Slide 9: Candelaria
Candelaria Production on Plan • H1/22 production of 80,452 t of copper and approximately 45,000 oz of gold at cash cost1 of $1.72/lb of copper Copper, Gold Production & Cash Cost Outlook2 • tonnes milled, ore grades and recovery rates in line with plan (100% basis; kt Cu, koz Au & $/lb Cu, net of by
Slide 10: Chapada
Chapada Revised Full-Year Outlook Copper, Gold Production & Cash Cost Outlook1 • H1/22 production of 20,445 t of copper and 28,000 oz of gold at a cash cost of $2.26/lb of (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) copper • full-year production guidance revised in Q2/22 to 45,0
Slide 11: Saúva Copper-Gold System
Saúva Copper-Gold System Highlight Assay Results Received in Q2/22 N FOR-170: 42.85 m at 0.59% Cu and 0.40 g/t Au or 0.91% CuEq, from 412 m including: 31.00 m at 0.68% Cu and 0.47 g/t Au or 1.05% CuEq, from 424 m and: 17.87 m at 0.43% Cu and 0.12 g/t Au or 0.52% CuEq, from 556 m FOR-163: 51.43 m at
Slide 12: Eagle
Eagle Strong Operating Performance • H1/22 production of 9,000 t of nickel and 8,820 t of copper at a cash cost of negative $0.04/lb nickel Nickel, Copper Production & Cash Cost Outlook1 (kt & $/lb Ni, net of by-product credits) • record nickel recoveries in Q2/22, including an all-time monthly reco
Slide 13: Neves-Corvo
Neves-Corvo Zinc Expansion Project Ramping Up Copper, Zinc Production & Cash Cost Outlook1 • H1/22 production of 17,727 t of copper, 35,398 t of zinc and 1,718 t of lead at a cash (kt & $/lb Cu, net of by-product credits) cost of $2.04/lb of copper • 40% increase in zinc production QOQ in Q2/22 as Z
Slide 14: Zinkgruvan
Zinkgruvan Strong Mine and Mill Performance Zinc Production & Cash Cost Outlook1 • H1/22 production of 38,905 t of zinc, 1,733 t of copper and 15,852 t of lead at a cash (kt & $/lb Zn, net of by-product credits) cost of $0.36/lb of zinc • both mine and mill continue to perform well; on track to meet
Slide 15: Josemaria Project
Josemaria Project • working with the national and provincial authorities to progress the project to the next stages. Discussions regarding commercial agreements and securing of additional sectoral permits are ongoing • engineering estimated to be approximately 30% complete at end of July 2022; study
Slide 16: 2022 Guidance Summary
2022 Guidance Summary1 Production (contained metal in conc.) Cash Cost2,3 Capital Expenditures ($M) Copper (t) Candelaria (100%) 155,000 - 165,000 $1.75 Sustaining Capital Chapada 45,000 - 50,000 $2.25 Candelaria (100% basis) 400 Eagle 15,000 - 18,000 Chapada 80 Neves-Corvo 33,000 - 38,000 $1.80 Eag
Slide 17: High-Quality Competitive Mines, Meaningful Scale & Growth, Financial Strength
High-Quality Competitive Mines Meaningful Scale & Growth Oriented Financial Strength www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI
Slide 18: Responsible Mining: Tailings Management
Responsible Mining Tailings Management • employ a comprehensive and integrated approach to tailings management. This provides confidence that potential environmental and social impacts can be reliably identified and minimized • our Responsible Mining Policy and Responsible Mining Management System (
Slide 19: Responsible Mining: Climate Change, Energy and GHG Emissions
Responsible Mining Climate Change, Energy and CHG Emissions • recognize the need for effective approaches to managing climate-related responsibilities, especially in consideration of the remote locations in which we operate, the energy-intensive nature of our industry, and the sometimes-limited avai
Slide 20: Responsible Mining: Water Stewardship
Responsible Mining Water Stewardship • continue to make water stewardship gains, achieving measurable reductions in freshwater use and increases in water re-use • committed to improvements in water assessment and management practices, evaluating water-use efficiency, initiatives to prevent unnecessa
Slide 21: Candelaria Complex – Mineral Resources and Mineral Reserves
Candelaria Complex – Mineral Resources and Mineral Reserves1 Ownership 80% Location Region III, Chile Mine life +20 years 2022 exploration budget $15M P&P Copper Mineral Reserves 3,583 kt contained (675,574 kt at 0.53%) M&I Copper Mineral Resources 7,854 kt contained (1,244,543 kt at 0.63%) Inferred
Slide 22: Chapada – Mineral Resources and Mineral Reserves
Chapada – Mineral Resources and Mineral Reserves1 Ownership 100% Location Goiás State, Brazil Mine life +30 years 2022 exploration budget $10M P&P Copper Mineral Reserves 1,710 kt contained (754,870 kt at 0.23%) M&I Copper Mineral Resources 2,508 kt contained (1,075,009 kt at 0.23%) Inferred Copper
Slide 23: Eagle Mine – Mineral Resources and Mineral Reserves
Eagle Mine – Mineral Resources and Mineral Reserves1 Ownership 100% Location Michigan, USA Mine life 4 years 2022 exploration budget $2M P&P Nickel Mineral Reserves 77 kt contained (3,280 kt at 2.4%) M&I Nickel Mineral Resources 83 kt contained (3,055 kt at 2.7%) P&P Copper Mineral Reserves 64 kt co
Slide 24: Neves-Corvo – Mineral Resources and Mineral Reserves
Neves-Corvo – Mineral Resources and Mineral Reserves1 Ownership 100% Location Alentejo region, Portugal Mine life +10 years 2022 exploration budget $8M P&P Zinc Mineral Reserves 1,858 kt contained (24,774 kt at 7.5%) M&I Zinc Mineral Resources 4,702 kt contained (68,352 kt at 6.9%) Inferred Zinc Min
Slide 25: Zinkgruvan – Mineral Resources and Mineral Reserves
Zinkgruvan – Mineral Resources and Mineral Reserves1 Ownership 100% Location Askersund, Sweden Mine life +10 years 2022 exploration budget $5M P&P Zinc Mineral Reserves 808 kt contained (10,270 kt at 7.9%) M&I Zinc Mineral Resources 1,644 kt contained (20,338 kt at 8.1%) Inferred Zinc Mineral Resour
Slide 26: District Potential & First Mover Advantage
District Potential & First Mover Advantage Lundin Mining Candelaria Copper Complex, Chile Las Pailas Porphyry Copper-Gold-Silver Prospect • potential to further increase value over the longer-term leveraging Lundin Mining’s copper-focused exploration expertise • Josemaria is positioned to be the pot
Slide 27: Josemaria Mineral Reserves Support Long Life
Josemaria Mineral Reserves 1 Support Long Life Mineral Reserve Statement Long Section of Pit Phase Designs Contained Metal Tonnes Copper Gold Silver Copper Gold Silver Category (Mt) % g/t g/t (M lb) (M oz) (M oz) Proven 197 0.43 0.34 1.33 1,844 2.14 8.43 Probable 815 0.27 0.19 0.85 4,861 4.87 22.29
Slide 28: Josemaria Mineral Resources Offer Upside Potential
Josemaria Mineral Resources 1 Offer Upside Potential Sulphide Mineral Resource Statement at 0.1% Copper Equivalent Cut-Off Oxide Mineral Resource Statement at 0.2 g/t Gold Cut-Off Contained Metal Contained Metal Tonnes Copper Gold Silver Copper Gold Silver Tonnes Gold Silver Gold Silver Category (Mt
Slide 29: 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
Slide 30: www.lundinmining.com TSX: LUN Nasdaq Stockholm: LUMI
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI