Slide 1: First Quarter 2019 Results
TSX: LUN Nasdaq Stockholm: LUMI First Quarter 2019 Results April 25, 2019 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, other than statements of historical fact and historical information, is “forward-looking information” within the meaning of applicabl
Slide 3: Participants
Participants Marie Inkster President & CEO Jinhee Magie SVP & CFO Peter Richardson SVP & COO Steve Gatley VP, Technical Services Neves-Corvo Zinc Expansion Project – Flotation Cell Installation in New Zinc Plant 3
Slide 4: Lundin Mining – copper dominant – competitive cost position
Lundin Mining Our Strategy Our Operations Freeport Cobalt1 Operate, upgrade and grow a Cobalt Refinery (Finland) base metal portfolio that provides leading returns for our Eagle Zinkgruvan shareholders throughout the cycle Nickel-Copper-PGMs (USA) Zinc-Lead-Copper (Sweden) – copper dominant Neves-Co
Slide 5: Q1 2019 Summary Results
Q1 2019 Summary Results Production – 46,122 t of copper – 40,446 t of zinc – 4,213 t of nickel – 7,485 t of lead Sales (payable) – 41,830 t of copper – 31,423 t of zinc – 1,691 t of nickel – 5,150 t of lead $416M in Sales – 64% copper – 20% zinc – 6% nickel – 2% lead Candelaria Open Pit 55
Slide 6: Financial Highlights
Financial Highlights Realized Metal Prices 1 Q1 2019 Q1 2018 Δ Copper $3.11/lb $2.93/lb 6% Nickel $8.37/lb $6.04/lb 39% Zinc $1.38/lb $1.51/lb (9%) Summarized Financial Results 2 Q1 2019 Q1 2018 Δ Revenue $416M $470M (11%) Gross Profit $141M $150M (6%) Attributable Net Earnings from Continuing Opera
Slide 7: Candelaria
Candelaria On Track to Achieve Full-Year Guidance – mill throughput and mining rates exceeded plan Copper Production & Cash Cost Outlook – produced 32,778 t of copper at $1.62/lb cash cost (100% basis; kt & $/lb Cu, net of by-product credits) – copper head grades to increase in the H2 as more 175-18
Slide 8: Neves-Corvo & ZEP
Neves-Corvo & ZEP Strong Mine and Mill Operating Performance – produced 8,868 t of copper and 18,773 t of zinc at $0.92/lb copper cash cost Copper, Zinc Production & Cash Cost Outlook (kt & $/lb Cu, net of by-product credits) – ore mined and processed greater than planned – copper grade lower than p
Slide 9: ZEP – Underground Construction
ZEP – Underground Construction Breakthrough of Ramps 6 and 7 Development of Under Ground Electrical Room 9
Slide 10: ZEP – Underground Construction
ZEP – Underground Construction Transfer Tower #3 Transfer Tower #3 10
Slide 11: ZEP – Zinc Plant & Surface Construction
ZEP – Zinc Plant & Surface Construction Flotation and Filtration Buildings Flotation Cell Installation Paste Thickener 11
Slide 12: Eagle & Eagle East
Eagle & Eagle East Strong Performance Despite Weather Impacts – produced 4,213 t of nickel and 3,897 t of copper at Nickel, Copper Production & Cash Cost Outlook $0.37/lb nickel cash cost (kt & $/lb Ni, net of by-product credits) – ore transport to mill and concentrate transport impacted by extreme
Slide 13: Zinkgruvan
Zinkgruvan Record Zinc Production in March – produced 21,673 t of zinc, 5,832 t of lead and Zinc Production & Cash Cost Outlook 579 t of copper at $0.44/lb zinc cash cost (kt & $/lb Zn, net of by-product credits) – remain focused on mine planning and execution 76-81 75-80 76-81 77 Ramp-Up of Explora
Slide 14: 2019 Capital & Exploration Expenditure Guidance
2019 Capital & Exploration Expenditure Guidance Capital Expenditures Capital Expenditures 1 (US$M) – unchanged from previous guidance Capitalized Stripping2 130 Los Diques TSF 10 Exploration – $70M to be invested in 2019 in exploration programs, New Mine Fleet Investment 75 reduced from previous gui
Slide 15: Chapada Acquisition Highlights
Chapada Acquisition Highlights Furthers Strategic Goals ─ high-quality, long-life, expandable ─ complements existing assets Immediately Accretive ─ on key financial and operating metrics ─ financial strength utilized while maintaining low leverage and flexibility Increased Copper & Gold Cash Flows S
Slide 16: Increasing Production Profile (kt)
Increasing Production Profile1 (kt) Copper Zinc Nickel Forecast +50% increase on Candelaria Forecast ~55% increase primarily on Eagle East planned on-line in Q4 2019 investments and Chapada Acquisition Neves-Corvo Zinc Expansion Project 241 302 19 298 18 231 16 +25% 210 15 16 263 +26% 195 13 242 237
Slide 17: Lundin Mining – High Quality, Meaningful Scale, Financial Strength
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 underway approach, focused on – demonstrated operational value crea
Slide 18: Nasdaq Stockholm: LUMI
TSX: LUN Nasdaq Stockholm: LUMI
Slide 19: 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