Slide 1: Q2 Financial Results
Q2 Financial Results July 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 are “forward-looking information” within the meaning of applicable parties and consultants in foreign jurisdictions; information techn
Slide 3: Participants on the Call
Participants Jack Lundin President & CEO Teitur Poulsen CFO on the Call Juan Andres Morel Nathan Monash COO VP Sustainability
Slide 4: Unlocking the Vicuña District: Acquisition of Filo & Partnership of the Josemaria Project
Unlocking the Vicuna District: Acquisition of Filo & Partnership of the Josemaria Project
Slide 5: Q2 2024 Highlights
Q2 2024 Highlights 80ktCu Quarterly Cu production in 20241 47ktZn Quarterly Zn production in 20241 32kozAu Quarterly Au production in 20241 $461M Adjusted EBITDA in Q2 20242 $338M FCF from Operations in Q2 20242 C$0.09/sh Quarterly dividend yield (annualized dividend of C$0.36/sh)3 1. Q2 2024 consol
Slide 6: Sustainability
Sustainability
Slide 7: 2023 Sustainability Report
2023 Sustainability Report ▪ Copper Mark certification for Candelaria and Caserones Lundin Mining | Q2 Financial Results 7
Slide 8: Production Highlights
Production Highlights
Slide 9: Q2/24 Production Results
Q2/24 Production Results Copper Q2 production of 80 kt Annual Q1 Q2 Guidance Range 103 90 88 80 88 kt 80 kt 366 kt 400 kt 168 kt YTD Q3/23 Q4/23 Q1/24 Q2/24 Gold Q2 production of 32 koz Annual 44 Q1 Q2 Guidance Range 35 33 32 33 koz 32 koz 155 koz 170 koz 65 koz YTD Copper Cathode Q3/23 Q4/23 Q1/24
Slide 10: Q2/24 Copper Production
Q2/24 Copper Production 1 Candelaria Caserones Q2 production of 31 kt Q2 production of 30 kt 42 35 34 By Mine 34 33 31 30 30 ▪ Candelaria and Chapada are weighted to the second half of the year ▪ Improved grades at Candelaria in the Q3/23 Q4/23 Q1/24 Q2/24 Q3/23 Q4/23 Q1/24 Q2/24 month of July Zinkg
Slide 11: Q2/24 Production Results
Q2/24 Production Results Zinc Q2 production of 47 kt Annual Q1 Q2 Guidance Range 51 50 46 47 46 kt 47 kt 195 kt 215 kt 22 93 kt YTD 26 Zinkgruvan Neves-Corvo Q3/23 Q4/23 Q1/24 Q2/24 Nickel Q2 production of 1.7 kt Previous Q1 Q2 Guidance Range 4.3 3.7 3.3 3.3 kt 1.7 kt 10 kt 13 kt 1.7 5.0 kt YTD 7 kt
Slide 12: Financial Performance
lundin mining Financial Performance
Slide 13: Q2/24 Revenue $1,084M
Q2/24 Revenue Metal Mix By Mine Molybdenum Neves-Corvo 3% Eagle 12% $1,084M Other1 Nickel 6% 5% Zinkgruvan 3% Chapada 7% 11% Gold Quarterly revenue 5% Zinc 9% Copper Caserones Candelaria 74% 31% 34% 1. Other metals include lead, cobalt, silver and PGM sales. Lundin Mining | Q2 Financial Results 13
Slide 14: Volume Sold and Realized Prices
Volume Sold and Realized Prices Record Copper Volume Sold Realized Pricing Revenue Quarterly (kt) Cu | Zn ($/lb) of $1,084 million in Q2 Revenue Cu $1,084M 79 101 $4.79 89 86 $1,060M 57 $992M $3.98 $937M $3.71 $3.81 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 $3.37 Zinc Volume Sold Zn $589M (kt) $1.49 39 $1.19 $1
Slide 15: Q2 Production Costs
Q2 Production Costs ▪ Production costs inline with last quarter, cash costs impacted by lower production volumes ▪ Costs tracking to full year guidance at all sites with the exception of Eagle Consolidated Costs Asset Costs Exc. Caserones ($M or Cu $/lb net credits)1 $648M $615M $606M $567M Candelar
Slide 16: Capital Costs
Capital Costs Q2 2024 Capital Expenditure Sustaining Growth ▪ Full year sustaining capital guidance Revised Full Revised Full Q1 Q2 Year Guidance Q1 Q2 Year Guidance (Sustaining) (Growth) reduced from $840M to $795M $213M $168M $795M $56M $87M $225M ▪ Over 50% of sustaining capital $381M YTD attribu
Slide 17: Key Financial Metrics
Key Financial Metrics Adjusted EBITDA1 Adjusted Operating Cash Flow1 of $461 million in Q2 of $370 million in Q2 $461M $370M $362M $415M $420M $316M $314M $363M $192M $111M Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q2/23 Q3/23 Q4/23 Q2/24 Q4/23 Candelaria Haul Truck 1. For the three months ended June 30, 2024,
Slide 18: Key Financial Metrics
Key Financial Metrics Free Cash Flow from Operations1 Adjusted Earnings (Loss)1 Net Debt / Adjusted EBITDA1,2 of $338 million in Q2 of $122 million in Q2 $338 M 0.5X $122M $86M $80M LTM $137M $117 M $46M $45M $68M Net debt of $894M2 $21M $1,470M liquidity headroom Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q2/23
Slide 19: Growth & Exploration
lundin mining Growth & Exploration In ~~ * Ay r 7 ~~ Y
Slide 20: Caserones 19% Call Option
19% Call Option Caserones Announced in Q2 | Closed July 2, 2024 ▪ Early exercise to increase ownership to 70% for $350M executed ▪ Adds approximately 25,000 tonnes of attributable copper ▪ Dividend payment retroactive from the start of the year Copper & Cash Cost Outlook1,2 (100% basis; kt Cu, $/lb
Slide 21: Exploration
Exploration Exploration efforts continue to focus on near mine and higher-grade resources $48M Exploration Budget ▪ Candelaria – 18,000 meter program ▪ Caserones – 12,900 meter program ▪ Chapada – 16,000 meter program ▪ Neves-Corvo – 15,000 meter program ▪ Zinkgruvan – 55,000 meter program Uncut Zin
Slide 22: Conclusion
Conclusion Strong financial results ▪ Record quarterly revenue ▪ Focused on business improvements and optimizing assets ▪ Tracking to full year guidance on copper, zinc, gold on a consolidated basis ▪ Exciting outlook for the Company Candelaria Lundin Mining | Q2 Financial Results 22
Slide 23: 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.