Slide 1: Fourth Quarter and 2020 Year-End Results
Fourth Quarter and 2020 Year-End Results February 19, 2021 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 This document contains “forward-looking information” within the meaning of Canadian securities laws. All statements other than statements of historical facts constitute forward-looking information,
Slide 3: Participants
Participants Marie Inkster President & CEO Jinhee Magie SVP & CFO Peter Richardson SVP & COO Installation of fourth and final, more powerful motor, on ball mill in December 2020 to complete the Candelaria Mill Optimization Project (CMOP) 3
Slide 4: 2020 Highlights
2020 Highlights High Quality Completed Reinvestment and Remain Focused on Competitive Mines Progressed Growth Initiatives Value Creation • best ever Total Recordable Injury Frequency • Candelaria Mill Optimization Project • announced anticipated 50% increase in (TRIF) rate of 0.55 completed in Q4/20
Slide 5: 2020 Summary Results
2020 Summary Results Production Payable Sales 230,781 t of copper 221,424 t of copper 142,744 t of zinc 120,179 t of zinc 163,000 oz of gold 154,000 oz of gold 16,718 t of nickel 12,481 t of nickel 29,236 t of lead 27,705 t of lead $2,042M in Sales Other Sweden Lead 4% 8% 2% Nickel 8% Portugal Zinc
Slide 6: Financial Highlights
Financial Highlights Realized Metal Prices1 Q4/20 2020 2019 Δ Copper $3.89/lb $2.88/lb $2.71/lb 6% Gold $1,897/oz $1,846/oz $1,466/oz 26% Nickel $7.68/lb $6.22/lb $7.19/lb (13%) Zinc $1.25/lb $1.03/lb $1.12/lb (8%) Summary Financial Results2 Q4/20 2020 2019 Δ Revenue $530M $2,042M $1,893M 8% Gross P
Slide 7: Candelaria
Candelaria Increasing Production and Reducing Cash Costs • 2020 production of 126,702 t of copper and 76,000 oz of gold at cash costs of $1.45/lb Copper, Gold Production & Cash Costs1 Outlook of copper exceeded most recent guidance (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) • f
Slide 8: Chapada
Chapada Strong Operational Performance Continues • 2020 production of 50,038 t of copper and 87,000 oz of gold both exceeded most recent Copper, Gold Production & Cash Costs1 Outlook guidance (100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits) • achieved a first-quartile cash cost of $0
Slide 9: Neves-Corvo
Neves-Corvo Zinc Expansion Project Officially Restarted January 2021 • 2020 production of 32,032 t of copper and 69,143 t of zinc at cash costs of $2.09/lb of copper Copper, Zinc Production & Cash Costs Outlook1 (kt & $/lb Cu, net of by-product credits) • Q4/20 zinc production impacted by undergroun
Slide 10: Zinkgruvan
Zinkgruvan Excellent Finish to 2020 & Well Positioned for 2021 • achieved record ore hoisted, total material hoisted and mill throughput in 2020 Zinc Production & Cash Costs Outlook1 • strong safety performance with lowest ever TRIF and all injury frequency (AIF) rates (kt & $/lb Zn, net of by-produ
Slide 11: Eagle
Eagle Consistent Performance Generating Impressive Free Cash Flow1 • outstanding safety performance, achieving 412 days without a recordable injury Nickel, Copper Production & Cash Costs Outlook2 • nickel production increased nearly 25% and copper over 30% YOY in 2020 on increasing (kt & $/lb Ni, ne
Slide 12: 2021 Guidance Summary
2021 Guidance Summary1 Production C1 Cash (contained metal in conc.) Cost2 Capital Expenditures ($M) Copper (t) Candelaria (100%) 172,000 - 182,000 $1.353 Sustaining 3 Chapada 48,000 - 53,000 $1.10 Candelaria (100% basis) 345 Eagle 17,000 - 20,000 Chapada 65 Neves-Corvo 35,000 - 40,000 $2.203 Eagle
Slide 13: Increasing Production Profile
Increasing Production Profile1,2 Copper Zinc Gold 300 kt 225 kt ~65% 175 koz 275 kt 200 kt ~30% 150 koz 250 kt 175 kt ~110,000 oz of unencumbered production in 2021 225 kt 150 kt 125 koz 200 kt 125 kt 175 kt 100 kt 100 koz 2020A 2021 2022 2023 2020A 2021 2022 2023 2020A 2021 2022 2022 1. Production
Slide 14: 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 • competitive cost position Eagle Zinkgruvan • low-risk mining jurisdictions1 Nickel-Copper-PGMs in U.S.A. Zinc-Lead-Copper in Sweden
Slide 15: www.lundinmining.com
www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI
Slide 16: 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