Slide 1: Scotiabank Mining Conference
Scotiabank Mining Conference November 30 th – December 2, 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: Lundin Mining: 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 4: Responsible Mining
Responsible Mining 2020 Sustainability Report • have been reporting our sustainability performance in a comprehensive, standalone document since 2010 • prepared in accordance with the Global Reporting Initiative (GRI) Standards and broadly mapped against the Sustainability Accounting Standards Board
Slide 5: 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 6: Candelaria
Candelaria Q3/21 Operational Performance on Plan • production of 35,929 t of copper and approximately 20,000 oz of gold at a cash Copper, Gold Production & Cash Cost Outlook2 cost of $1.62/lb copper (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) • 2021 production and cash cost guid
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) and positive trend continuing in Q4/21 Actions Taken Next Steps • operational dilution tests Open pit & underground mines • volumetric scanners for haul trucks (pending Q4/21) • sampling systems bi
Slide 9: Chapada
Chapada Record Mill Throughput in Q3/21 Copper, Gold Production & Cash Cost Outlook2 • production of 16,050 t of copper and 26,000 oz of gold at a cash cost of $0.62/lb of (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) copper • record quarterly mill throughput at over 6.4 Mt, inclu
Slide 10: Chapada Exploration Drilling
Chapada Exploration Drilling Formiga 15 km north of Chapada plant 6 km NM_438: 22.7 m @ 0.89% Cu; 0.24 g/t Au (75 m) Including: 6.9 m @ 1.35% Cu; 0.27 g/t Au (79 m) Suruca 3 km Baru NE NM_427: 97.4 m @ 0.41% Cu; 0.32 g/t Au (287 m) Including 7.6 m @ 0.64% Cu; 0.50 g/t Au (314 m) Including 25.5 m @ 0
Slide 11: Eagle
Eagle Cash Generation Continues Nickel, Copper Production & Cash Cost Outlook1 • production of 4,124 t of nickel and 4,165 t of copper at cash cost of negative (kt & $/lb Ni, net of by-product credits) $0.80/lb nickel in Q3/21 • generated nearly $245M of operating cash flow in first three quarters o
Slide 12: Neves-Corvo
Neves-Corvo Shaft Upgrades Completed Successfully Copper, Zinc Production & Cash Cost Outlook2 • Q3/21 production of 8,083 t of copper, 15,909 t of zinc and 1,359 t of lead at a (kt & $/lb Cu, net of by-product credits) cash cost of $2.05/lb of copper • 2021 production and cash cost guidance reitera
Slide 13: Neves-Corvo – ZEP Nearing Completion
Neves-Corvo – ZEP Nearing Completion Q3/21 Underground Progress Upcoming Works • shaft shutdown upgrade successfully completed • complete service water piping installation • materials handling mechanical installation completed, including crusher level • final commissioning of all electrical rooms •
Slide 14: Neves-Corvo – ZEP Nearing Completion
Neves-Corvo – ZEP Nearing Completion Q3/21 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, filtra
Slide 15: Zinkgruvan
Zinkgruvan Continued Excellent Performance in Q3/21 Zinc Production & Cash Cost Outlook2 • production of 22,860 t of zinc, 850 t of copper and 6,952 t of lead at a cash cost of (kt & $/lb Zn, net of by-product credits) $0.32/lb of zinc • mine continued to perform well with grades above plan 85-90 83
Slide 16: 2021 Guidance Summary
2021 Guidance Summary1 Production C1 Cash (contained metal in conc.) Cost2 Capital Expenditures ($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 $2.103 Eagle 2
Slide 17: 2022 Guidance Summary
2022 Guidance Summary1 Production (contained metal in conc.) Cash Cost2 Capital Expenditures ($M) Copper (t) Candelaria (100%) 155,000 - 165,000 $1.553 Sustaining Capital Chapada 53,000 - 58,000 $1.603 Candelaria (100% basis) 370 Eagle 15,000 - 18,000 Chapada 65 3 Neves-Corvo 33,000 - 38,000 $1.80 E
Slide 18: Appendices
Appendices lundin mining
Slide 19: Responsible Mining: Tailings Management
Responsible Mining Tailings Management • employ a comprehensive and integrated approach to tailings management. This provides confidence that potential environmental and social impacts can be reliably identified and minimized • our Responsible Mining Management System includes a specific Tailings Ma
Slide 20: Responsible Mining: Climate Change, Energy and GHG Emissions
Responsible Mining Climate Change, Energy and CHG Emissions • recognize the need for effective approaches to managing climate-related responsibilities, especially in consideration of the remote locations in which we operate, the energy-intensive nature of our industry, and the sometimes-limited avai
Slide 21: Responsible Mining: Water Stewardship
Responsible Mining Water Stewardship • continue to make water stewardship gains, achieving measurable reductions in freshwater use and increases in water re-use in 2020 • committed to improvements in water assessment and management practices, evaluating water-use efficiency, initiatives to prevent u
Slide 22: Dividend Framework
Dividend Framework1 Peer-Leading Regular Dividend Dividend Payout (C$/share) • regular dividend increased 50% to C$0.09/share per quarter or C$0.36/share annualized Base Dividend Performance Dividend • 125% increase over the December 2020 dividend payment • sustainable throughout the cycle; declared
Slide 23: Candelaria Complex – Mineral Resources and Mineral Reserves
Candelaria Complex – Mineral Resources and Mineral Reserves1 Ownership 80% Location Region III, Chile Mine life +20 years 2021 exploration budget $13M 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 24: Chapada – Mineral Resources and Mineral Reserves
Chapada – Mineral Resources and Mineral Reserves1 Ownership 100% Location Goiás State, Brazil Mine life +30 years 2021 exploration budget $16M 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 25: Eagle Mine – Mineral Resources and Mineral Reserves
Eagle Mine – Mineral Resources and Mineral Reserves1 Ownership 100% Location Michigan, USA Mine life 5 years 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 contained (3,280 kt at 1.9%) M
Slide 26: Neves-Corvo – Mineral Resources and Mineral Reserves
Neves-Corvo – Mineral Resources and Mineral Reserves1 Ownership 100% Location Alentejo region, Portugal Mine life +10 years 2021 exploration budget $4M 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 27: Zinkgruvan – Mineral Resources and Mineral Reserves
Zinkgruvan – Mineral Resources and Mineral Reserves1 Ownership 100% Location Askersund, Sweden Mine life +10 years 2021 exploration budget $6M P&P Zinc Mineral Reserves 808 kt contained (10,270 kt at 7.9%) M&I Zinc Mineral Resources 1,644 kt contained (20,338 kt at 8.1%) Inferred Zinc Mineral Resour
Slide 28: NI 43-101 Compliance
NI 43-101 Compliance Unless otherwise indicated, Lundin Mining Corporation (the “Company”) has prepared the technical information in this presentation including Mineral Reserve and Mineral Resource estimates (“Technical Information”) based on information contained in the technical reports and news r
Slide 29: Historical Non-GAAP Measure Comparatives
Historical Non-GAAP Measure Comparatives Cash Cost1 2020 Capital Expenditures ($ millions) 2020 Copper Sustaining Capital1 Candelaria $1.45 Candelaria (100% basis) 216 Chapada $0.29 Chapada 39 Neves-Corvo $2.09 Eagle 11 Zinc Zinkgruvan $0.52 Neves-Corvo 63 Nickel Zinkgruvan 37 Eagle $0.10 Total Sust
Slide 30: www.lundinmining.com TSX: LUN Nasdaq Stockholm: LUMI
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI