Slide 1: Corporate Update
TSX: LUN OMX: LUMI Corporate Update November 2017 Neves-Corvo, Portugal 1
Slide 2: Cautionary Statements
Cautionary Statements Caution Regarding Forward-Looking Information and Non-GAAP Performance Measures All statements, other than statements of historical fact, made and information contained or incorporated by reference in or made in giving this presentation and responses to questions is "forward-lo
Slide 3: Lundin Mining
Lundin Mining High Quality Meaningful Scale Financial Strength Competitive Mines Growth Oriented - strong margins at all - exploration upside and - proven track record for operations high value expansion rigorous investment projects at all operations approach, focused on - demonstrated operational v
Slide 4: Geographically Diversified
Geographically Diversified Freeport Cobalt1 Cobalt Refinery Zinkgruvan (Finland) Zinc-Lead-Copper (Sweden) Eagle Nickel-Copper-PGMs (USA) Neves-Corvo Copper-Zinc (Portugal) Candelaria2 Copper-Gold-Silver (Chile) 1. Lundin Mining holds an indirect 24% equity stake in the Freeport Cobalt Oy business w
Slide 5: Operating Highlights – YTD 2017
Operating Highlights – YTD 2017 Continued Excellent Performance at Candelaria and Eagle All Projects Advancing on Schedule and on Budget Candelaria delivered strong copper production on higher head grades and remains on target to meet full-year production and cash cost guidance Neves-Corvo copper pr
Slide 6: Revenue Breakdown – YTD 2017
Revenue Breakdown – YTD 2017 Sales of $1.54B Lead Other 3% 3% Gold 6% Zinkgruvan 10% Nickel Eagle 6% 14% Zinc 14% Neves-Corvo Copper Candelaria 68% 16% 60% By Operation By Metal 6
Slide 7: 2017 Production and Cash Cost Guidance
2017 Production and Cash Cost Guidance C1 cash cost guidance improved for Eagle and Zinkgruvan. Production guidance at Neves-Corvo lowered in part allowing for impact of recent and potential for further labour action. Attributable Production1 and C1 Cash Cost2 (t and $/lb, net of by-products) Copper
Slide 8: Balance Sheet Strength and Flexibility
Balance Sheet Strength and Flexibility Cash balance at October 25, 2017 of approximately $2.2B and net cash of approximately $1.2B Issued early redemption notice for $550M principal of 7.50% Senior Secured 2020 Notes – to be redeemed at 103.75% principal plus accrued interest Cash and Cash Equivalen
Slide 9: Capital Allocation Strategy
Capital Allocation Strategy Focus on Disciplined Growth Invest in high-return brownfield expansion projects and exploration Service regular dividend Prudent and accretive management of bond debt and cash positions – notice provided to redeem $550M of 7.50% Senior Secured Notes Keep flexible balance
Slide 10: 2017 Capital Expenditure and Exploration Guidance
2017 Capital Expenditure and Exploration Guidance Capital Expenditures1 (US$M) Los Diques estimated cost unchanged at $295M Total Capitalized Stripping2 120 – on time and on budget for use in early 2018. $30M Los Diques Facility 135 remaining for Q4/17 and $30M for 2018 Other Candelaria Sustaining 8
Slide 11: Operations & Projects
Operations & Projects Candelaria – Copper / Gold / Silver – Region III, Chile 11
Slide 12: Responsible Mining
Responsible Mining Safety Performance Environmental Performance TRIF per 200,000 person hours worked - excellent track record and improving performance each year 5.6 - increased reporting and disclosure practices International Green Apple Award for Environmental Best Practice for Galmoy 3.5 Wetlands
Slide 13: Candelaria
Candelaria YTD copper production of 141.2 kt (100% basis) and cash costs of $1.17/lb copper – on target to meet full-year production and cash cost Copper Production & Cash Cost guidance (100% basis; kt & $/lb Cu, net of by-product credits) Candelaria optimization work progresses Last Five Quarters 5
Slide 14: Candelaria – Los Diques Tailings Facility
Candelaria – Los Diques Tailings Facility 14 October 2017
Slide 15: Candelaria Exploration Extension Potential
Candelaria Exploration Extension Potential SW NE Candelaria Pit Candelaria Norte Alcaparrosa Surface Topography 3rd Party Property Section Location Drillhole Trace Alcaparrosa Interpreted Prospective Horizons Santos > 0.4 % Cu Drillhole Samples Candelaria $35M exploration program advancing with posi
Slide 16: Eagle
Eagle Nickel / Copper / PGMs – Michigan, U.S.A. 16
Slide 17: Eagle
Eagle YTD production of 17.8 kt nickel and 17.2 kt copper, and cash costs of $0.87/lb nickel – excellent YTD production on target to meet guidance Nickel, Copper Production & Cash Cost (kt & $/lb Ni, net of by-product credits) Further 2017 cash cost guidance improvement Last Five Quarters – improved
Slide 18: Eagle and Eagle East Overview
Eagle and Eagle East Overview Existing Access Ramp Eagle Mine Advancing both declines Eagle East Deposit 1,000 m 18
Slide 19: Neves-Corvo
Neves-Corvo Copper / Zinc – Portugal 19
Slide 20: Neves-Corvo
Neves-Corvo Copper, Zinc Production & Cash Cost (kt & $/lb Cu, net of by-product credits) YTD production of 26.2 kt copper and 55.5 kt zinc, and Last Five Quarters cash costs of $0.95/lb copper – mine sequencing and complex ore metallurgy impacting 17.9 18.0 19.6 17.6 ore type availability and throu
Slide 21: Neves-Corvo Overview
Neves-Corvo Overview Zinc Plant Expansion New Conveyor Ramp 21
Slide 22: Zinkgruvan
Zinkgruvan 22 Zinc / Lead / Copper – Sweden
Slide 23: Zinkgruvan
Zinkgruvan YTD production of 56.5 kt zinc and 21.4 kt lead, and cash costs of $0.34/lb zinc Zinc, Lead Production & Cash Cost – full-year cash cost guidance improved to $0.35/lb on (kt & $/lb Zn, net of by-product credits) YTD performance Last Five Quarters – full-year zinc production forecast lower
Slide 24: Exploration areas
Karlstad { 2 Zinkgruvan Hailed ib stage (3 (Soil ee Vas ae ta oct > ae’ Zinc - Lead ore ¢ gy Orebro > 1 Mined out area Vanem pixerpand * - ° a Copper ore 2 NORTH Wesy, © Peloration areas
Slide 25: Lundin Mining
Lundin Mining High Quality Competitive Mines – strong margins at all operations Meaningful Production Scale & Growth – internal growth projects and exploration upside at all operations Financial Strength – from profitable assets run with disciplined capital allocation 25
Slide 26: Appendices
TSX: LUN OMX: LUMI Appendices 26
Slide 27: Candelaria LOM Production Profile
Candelaria LOM Production Profile Copper Production Profile1 (100% basis, kt Cu) 188 171 167 165 165 160 162 129 122 114 111 110 109 99 102 101 93 94 64 38 2016A 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 January 2017 Technical Report At Purchase (
Slide 28: Eagle East – Meaningful Addition to Production Profile
Eagle East – Meaningful Addition to Production Profile Nickel Production Profile1 Copper Production Profile1 (kt) (kt) 25 25 20 20 15 15 10 10 5 5 0 0 2016A 2017 2018 2019 2020 2021 2022 2023 2016A 2017 2018 2019 2020 2021 2022 2023 Eagle Eagle East Eagle Eagle East 1. Refer to the April 10, 2017 ne
Slide 29: Zinc Expansion Project Neves-Corvo
Zinc Expansion Project Neves-Corvo1 – average annual zinc production of approximately 150,000 tpa post Neves-Corvo with ZEP, and Base Case (BC) without ZEP expansion – estimated life of mine C1 cash cost of $0.28/lb copper net of by-product credits, or alternatively, $0.29/lb zinc net of by-product
Slide 30: Candelaria Complex
Candelaria Complex1 Ownership 80% Location Region III, Chile Mine life +15 years 2017 exploration budget ~$32M P&P Copper Mineral Reserves 2,785 kt contained (497,484 kt @ 0.6%) M&I Copper Mineral Resources 5,153 kt contained (740,895 kt @ 0.7%) Inferred Copper Mineral Resources 201 kt contained (23
Slide 31: Eagle Mine and Eagle East Overview
Eagle Mine and Eagle East Overview1 Ownership 100% Location Michigan, USA Mine life 7 years 2017 exploration budget ~$18M P&P Nickel Mineral Reserves 130 kt contained (4,734 kt @ 2.7%) M&I Nickel Mineral Resources 158 kt contained (4,449 kt @ 3.6%) P&P Copper Mineral Reserves 111 kt contained (4,734
Slide 32: Neves-Corvo Overview
Neves-Corvo Overview1 Ownership 100% Location Alentejo region, Portugal Mine life +10 years 2017 exploration budget ~$4M P&P Zinc Mineral Reserves 2,337 kt contained (30,409 kt @ 7.7%) M&I Zinc Mineral Resources 6,458 kt contained (106,511 kt @ 6.1%) Inferred Zinc Mineral Resources 603 kt contained
Slide 33: Zinkgruvan Overview
Zinkgruvan Overview1 Ownership 100% Location Askersund, Sweden Mine life +10 years 2017 exploration budget ~$10M P&P Zinc Mineral Reserves 855 kt contained (11,901 kt @ 7.2%) M&I Zinc Mineral Resources 1,458 kt contained (15,668 kt @ 9.3%) Inferred Zinc Mineral Resources 802 kt contained (9,431 kt @
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: TSX: LUN OMX: LUMI
TSX: LUN OMX: LUMI 35