Slide 1: 2023 Q4 and Full Year Financial Results
2023 Q4 and Full Year Financial Results February 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 is “forward-looking information” within the meaning of applicable Canadian metallurgical and other characteristics; ore processing eff
Slide 3: Participants on the Call
Participants on the Call Jack Lundin Teitur Poulsen Juan Andres Morel President & CEO CFO COO
Slide 4: 2023 Company Highlights
2023 Company Highlights New corporate Acquisition Elections office location of Caserones in Argentina New CEO & EIA approval at Reserve & leadership Candelaria Resource additions update
Slide 5: Delivering on Results – Full Year
Delivering on Results – Full Year 315ktCu Record consolidated annual Cu 185ktZn Record Zn production from $1.4B Adjusted EBITDA 20233 production in 20231,2 expansion initiatives in 20232 $345M FCF from Operations 20233 C$0.36/sh Peer leading annualized dividend4 yield $206M Total allocated sharehold
Slide 6: Q4/23 Summary Production Results
Q4/23 Summary Production Results Copper 2023 annual production of 315 kt ▪ Quarterly and annual record for copper 89,942 103,337 production 61,462 60,057 ▪ Caserones and Eagle exceeded the upper end of the original guidance1 Q1/23 Q2/23 Q3/23 Q4/23 Gold 2023 annual production of 149 koz ▪ 149 koz go
Slide 7: Q4/23 Summary Production Results
Q4/23 Summary Production Results Zinc ▪ Zinc production was higher quarter- 2023 annual production of 185 kt over-quarter at 50,719 tonnes and a 48,553 49,774 50,719 36,115 new quarterly record ▪ Realizing the benefits of ZEP, forecast to do 2.2 Mtpa in 2024 Q1/23 Q2/23 Q3/23 Q4/23 Nickel 2023 annua
Slide 8: Q4/23 Revenue $1,060M Realized Prices
Q4/23 Revenue Realized Prices2 Provisionally Metal mix Q4 2023 Full Year 2023 Priced at end Revenue by metal of Q4/23 Other1 Molybdenum 3% $1,060M Quarterly revenue Cu realized price Cu realized price Cu 117,594 t at 4% $3.81/lb $3.82/lb $3.85/lb Nickel 4% Zn Zn Zn Gold realized price realized price
Slide 9: Production Costs
Production Costs 2023 Total Production Costs 2023 Cash Cost Guidance vs. Actual Cash Costs1,2 $2,086M Quarterly Yearly Candelaria $2.00/lb $2.07/lb $2.20/lb Cu $405M Caserones $2.00/lb $1.99/lb $2.20/lb Cu $1,660M $1,681M Chapada $2.35/lb $2.27/lb $2.55/lb Cu $648M $615M Neves-Corvo $2.10/lb $2.37/l
Slide 10: Capital Costs
Capital Costs Capital Expenditure1 2023 Actual Guidance2,3 ▪ $1.0 billion in 2023 capital expenditure Candelaria (100%) $380M $375M ▪ $727M in sustaining capex1 (4% below guidance) ▪ $276M in expansionary capex1 (21% below Caserones (100%) H2 only $84M $110M guidance) Chapada $72M $70M Eagle $22M $2
Slide 11: Key Financial Metrics
Key Financial Metrics Revenue Adjusted EBITDA1 Adjusted Operating Cash Flow1 of $3.4 billion in 2023 of $1.4 billion in 2023 of $1.0 billon in 2023 $1,060M $420M $415M $362 M $992M $354M $337M $316 M $811M $751M $289 M $235 M $589M $192M $111 M Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q4/22 Q1/23 Q2/23 Q3/23 Q
Slide 12: Key Financial Metrics
Key Financial Metrics Free Cash Flow from Operations1 Adjusted Earnings (Loss)1 Net Debt2 of $345M in 2023 of over $336M in 2023 $137M $117 M $192M $946M Net debt 0.7x $126M $71M $80M $85M Q4/22 $21M $46M Net Debt / Adjusted EBITDA2 (LTM) ($36M) Q1/23 Q2/23 Q3/23 Q4/23 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23
Slide 13: Strong Cash Flows from Operations in 2023
Strong Cash Flows from Operations in 2023 $1,800 Key Changes in Cash 1 Liquidity headroom ~$1.5 billion $1,600 $1,400 $1,024 M $1,200 $8 M $1,000 $800 $600 $1,039 M $400 $727 M $269 M $191 M $200 $206 M $276 M $55 M $0 -$200 -$400 $49 M -$600 $649 M $88 M $25 M -$800 Year - End Adj. Working Sustaini
Slide 14: Near-term Copper Growth Opportunities
Near-term Copper Growth Opportunities Caserones Candelaria Production 25ktCu Attributable 15ktCu Attributable +10% Approximate increase in Cu production if Approximate increase in Cu production Potential total increase in attributable 19% ownership option is exercised in from Underground Expansion P
Slide 15: Josemaria Project
Vicuña District Josemaria Project ▪ Derisking the project ▪ Concentrate transport ▪ Water studies ▪ Tailings studies 2020 Feasibility Study Overview1 Ownership 100% Mineral Reserves (P&P) 6.7 Blbs Cu Mine Life 19 yrs. Mine Type OP Throughput 152 ktpd Avg. LOM Production/yr 131,000 t copper / 224,000
Slide 16: Guidance Outlook
Guidance Outlook 3-year Production Guidance1 2024 Cash Cost Guidance1,2 by Asset Copper Gold kt koz 366 - 400 155 - 170 Candelaria Caserones 358 - 392 356 - 390 145 - 160 140 - 155 $1.60 - $1.80/lb $2.60 - $2.80/lb Cu Cu 2024 2025 2026 2024 2025 2026 Chapada Neves-Corvo Zinc Nickel $1.95 - $2.15/lb
Slide 17: 2024 Capital Expenditure Guidance Summary
2024 Capital Expenditure Guidance Summary ▪ Capital expenditures are inline with last year Capital Expenditures1,2 ($M) 2024 ▪ The majority of sustaining capital Candelaria (100%) $300 expenditures for 2024 include: Caserones (100%) $205 ▪ Open pit waste stripping Chapada $110 Eagle $25 ▪ Undergroun
Slide 18: Vicuña District Exploration
Vicuña District Exploration Caserones ▪ Largest exploration program since the mine began operations in 2013 ▪ Vicuña District’s largest land package – 58,525 ha ▪ Significant potential for high-grade discoveries leveraging our local expertise ▪ Drilling focused on near-mine resource expansion and di
Slide 19: 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. Lundin Mining | 2023 Q4
Slide 20: NI 43-101
NI 43-101 Unless otherwise indicated, Lundin Mining Corporation (the “Company”) has prepared the technical information in this a whole, and sections should not be read or relied upon out of context. presentation including Mineral Reserve and Mineral Resource estimates (“Technical Information”) based