Slide 1: TD Securities 2022 Mining Conference
TD Securities 2022 Mining Conference January 26 th & 27 th 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: 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 Zinkgruvan • competitive cost position Eagle Zinc-Lead-Copper in Sweden Nickel-Copper-PGMs in U.S.A. • low-risk mining jurisdictions
Slide 4: Notable Recent Events
Notable Recent Events Acquisition of Josemaria Resources1 • world-class project complements existing portfolio and strategy • materially increases future copper and gold production and scale • clear path to development Senior Technical Leadership Additions • new SVP Technical Services & Growth, VP T
Slide 5: Responsible Mining
Responsible Mining • sustainability performance reported 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 (SASB) Metals & Mining Standard • continu
Slide 6: Responsible Mining in Action
Responsible Mining Responsible Mining in Action ✓ best-ever TRIF rate in 2021 of 0.54 Total Recordable Injury Frequency (TRIF) ✓ 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 energy
Slide 7: Production Results
Production Results Q4 2021 FY 2021 76,996 t of copper 262,884 t of copper 36,830 t of zinc 143,797 t of zinc 46,000 oz of gold 167,000 oz of gold 4,101 t of nickel 18,353 t of nickel Eagle Mine Helps Set New World Record with Electric Vehicle A Taycan Cross Turismo has entered the Guinness World Rec
Slide 8: Candelaria
Candelaria Strong Finish to 2021 Copper, Gold Production & Cash Cost Outlook2 • 2021 copper production achieved most recent guidance and gold production (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) exceeded guidance • particularly strong Q4/21, producing 45,573 t of copper and 26
Slide 9: Chapada
Chapada Record Mill Throughput in 2021 Copper, Gold Production & Cash Cost Outlook2 • copper production exceeded guidance and gold production achieved the top end (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) of annual guidance • Q4/21 production of 14,870 t of copper and 20,000 o
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 Strong Performance Continues Nickel, Copper Production & Cash Cost Outlook1 (kt & $/lb Ni, net of by-product credits) • nickel and copper production achieved annual guidance Outlook & Guidance 18 18 15-18 15-18 • nickel and copper production is to be weighted to H2/22 primarily due to the 13-1
Slide 12: Neves-Corvo
Neves-Corvo Q4/21 Operations Strongest of the Year Copper, Zinc Production & Cash Cost Outlook3 • copper production achieved the top end of annual guidance and zinc (kt & $/lb Cu, net of by-product credits) production was within 1kt (or 1%) of guidance • construction of the Zinc Expansion Project (Z
Slide 13: Zinkgruvan
Zinkgruvan Continued Excellent Performance Zinc Production & Cash Cost Outlook1 • 2021 zinc production exceeded annual guidance (kt & $/lb Zn, net of by-product credits) Outlook & Guidance • zinc production guidance increased over prior outlook on refinement of operating plans; forecasting higher he
Slide 14: 2022 Guidance Summary
2022 Guidance Summary1 Production (contained metal in conc.) Cash Cost2 Capital Expenditures ($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 15: Josemaria Resources Acquisition
Josemaria Resources Acquisition1 • Increased Scale & Growth in Copper & Gold • Clear Path to Development • Asset & Geographic Diversification • Attractive Resource Base with District Potential Josemaria Copper-Gold Project, San Juan, Argentina 15 1. Announced acquisition remains subject to completio
Slide 16: Top Americas Copper Projects
Top 10 Americas Copper Project Top Americas Copper Projects by Total Mineral Reserves (Open Pit Mines Only) Copper Equivalent Mineral Reserves1 (Mt) 15 10 5 0 2 NuevaUnion El Arco Taca Taca Quellaveco Agua Rica Casino Josemaria Rosemont Yellowhead San Nicolas Source: S&P Capital IQ Pro Metals & Mini
Slide 17: Meaningful Potential to Increase Production Scale
Meaningfully Potential to Increase Production Scale 2020 Attribuable Copper Equivalent Production Including Copper, Zinc, Lead, Nickel and Gold; (kt)1 869 Copper Zinc Lead Nickel Gold 751 179kt Expected Copper Equivalent 589 Increase 522 512 405 333 + LOM Average2 Source: Company Filings, Josemaria
Slide 18: Josemaria Overview
Josemaria Overview1 World-Class Copper-Gold Porphyry Project ✓ top-10 Americas open-pit copper project by Mineral Reserves Josemaria Resources – November 2020 Feasibility Study ✓ multi-decade mine life potential Copper Equivalent Mineral Reserves / Grade2 4,646 kt / 0.46% ✓ in first 8 years of opera
Slide 19: District Potential & First Mover Advantage
District Potential & First Mover Advantage Lundin Mining Candelaria Copper Complex, Chile Las Pailas Porphyry Copper-Gold-Silver Prospect Source: Josemaria Resources Source: Josemaria Resources • significant potential to further increase value over the longer-term leveraging Lundin Mining’s copper-f
Slide 20: Peer-Leading Regular Dividend
Peer-Leading Regular Dividend1 • regular dividend of C$0.09/share per quarter or C$0.36/share annualized • sustainable throughout the cycle and growth capital requirements • regular dividend yield of 3.4%2 1. Lundin Mining’s dividend framework is non-binding. Dividends are at the discretion of and t
Slide 21: www.lundinmining.com
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI
Slide 22: Appendices
Appendices lundin mining 22
Slide 23: Josemaria Resources Acquisition Transaction Summary
Josemaria Resources Acquisition Transaction Summary Proposed • Lundin Mining to acquire 100% of Josemaria Resources common shares by way of Plan of Arrangement Transaction • Implied equity value of C$625M ($485M) • C$1.60 per share offer represents a 29% premium to the 10-day volume weighted average
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: Zinkgruvan – Mineral Resources and Mineral Reserves
Zinkgruvan – Mineral Resources and Mineral Reserves1 Ownership 100% Location Askersund, Sweden Mine life +10 years 2022 exploration budget $5M P&P Zinc Mineral Reserves 808 kt contained (10,270 kt at 7.9%) M&I Zinc Mineral Resources 1,644 kt contained (20,338 kt at 8.1%) Inferred Zinc Mineral Resour
Slide 34: NI 43-101 Compliance
NI 43-101 Compliance Unless otherwise indicated, Lundin Mining Corporation (the “Company”) has prepared the technical information in this presentation including Mineral Reserve and Mineral Resource estimates (“Technical Information”) based on information contained in the technical reports and news r
Slide 35: Historical Non-GAAP Measure Comparatives
Historical Non-GAAP Measure Comparatives Cash Cost1 2020 Capital Expenditures ($ 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 36: www.lundinmining.com
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI